Question
An annuity providing a rate of return of 6% compounded monthly was purchased for $46,000. The annuity pays $400 at the end of each month.
An annuity providing a rate of return of 6% compounded monthly was purchased for $46,000. The annuity pays $400 at the end of each month. What will be the amount of the final payment?(Round your answer to 2 decimal places.)
Final payment$
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Entrepreneurial Finance
Authors: Philip J. Adelman; Alan M. Marks
6th edition
9780133099096, 133140512, 133099091, 978-0133140514
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