nnuity purchased for $182,000 pays pounded semiannually? (Do not roum ber.) be years months

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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Thes question answer please
:20
An annuity purchased for $182,000 pays $4700 at the end of every quarter. How long will the payments continue if the funds earn 6%
compounded semiannually? (Do not round intermediate calculations and round up the number of payments, n, to the next whole
number.)
It will be
years
months
Transcribed Image Text::20 An annuity purchased for $182,000 pays $4700 at the end of every quarter. How long will the payments continue if the funds earn 6% compounded semiannually? (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) It will be years months
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