If $300,000 is used to purchase an annuity earning 4.5% compounded monthly and paying $2500 at the

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If $300,000 is used to purchase an annuity earning 4.5% compounded monthly and paying $2500 at the end of each month, what will be the term of the annuity? Include the final, smaller annuity payment in the total.

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 04:57 AM

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If $300,000 is used to purchase an annuity earning 4.5% compounded monthly and paying $2500 at the

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The purchase price represents the present value of the annuity We hav...View the full answer

Fundamentals Of Business Mathematics In Canada

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