Suppose payments will be made for 6 1/4 years at the end of each month from an ordinary annuity earning interest at the rate of 4.25%/year compounded monthly. If the present value of the annuity is $46,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.)
Suppose payments will be made for 6 1/4 years at the end of each month from an ordinary annuity earning interest at the rate of 4.25%/year compounded monthly. If the present value of the annuity is $46,000, what should be the size of each payment from the annuity? (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 will be made for 6 1/4 years at the end of each month from an ordinary
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