Give typing answer with explanation and conclusion Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).PresentValue$11,000InterestRate5.15%PeriodicPayment$220PaymentIntervalthree monthsThe term of the annuity is year(s) andmonth(s).CompoundingPeriodmonthly

Present value = pv = $11,000 Monthly payment = p = $220 Interest rate = 5.15% quarterly interest…

Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Interest Rate Compounding Period 5.15% monthly Present Value $11,000 Periodic Payment $220 Payment Interval three months

Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Interest Rate Compounding Period 5.15% monthly Present Value $11,000 Periodic Payment $220 Payment Interval three months

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 20E

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Give typing answer with explanation and conclusion

Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).
Present
Value
$11,000
Interest
Rate
5.15%
Periodic
Payment
$220
Payment
Interval
three months
The term of the annuity is year(s) and
month(s).
Compounding
Period
monthly

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