Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 5.5%/year compounded monthly. If the future value of the annuity after 12 years is $55,000, what was the size of each payment? (Round your answer to the nearest cent.)
Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 5.5%/year compounded monthly. If the future value of the annuity after 12 years is $55,000, what was the size of each payment? (Round your answer to the nearest cent.)
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 7Q
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Suppose payments were made at the end of each month into an ordinary
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