Question
A contract can be fulfilled by making an immediate payment of $6342, or equal payments at the end of every year for 5 years. What
A contract can be fulfilled by making an immediate payment of $6342, or equal payments at the end of every year for 5 years. What is the size of the annual payments at 6% per annum compounded monthly?
The annual payments are $____
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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Money Banking And Financial Markets
Authors: Stephen G. Cecchetti
2nd International Edition
0071287728, 9780071287722
