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An amount of $150,000 is invested into an annuity that pays $6000 at the end of 6 months for 20 years. What is the nominal
An amount of $150,000 is invested into an annuity that pays $6000 at the end of 6 months for 20 years. What is the nominal interest rate, compounded semi-annually, that is required to support the payments?
I have
N=40 (20 years x 2 semi annually)
C/Y=2
P/Y=2
i/y=?
PV= 150,000
PMT=6000
FV=0
I cant get this to compute correctly.
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