Question
An annuity that earns 5.3% compounded monthlywas purchased for $331958. The annuity is scheduled to provide payment of $3202 at the end of each month.
An annuity that earns 5.3% compounded monthlywas purchased for $331958. The annuity is scheduled to provide payment of $3202 at the end of each month. What will be the term of the annuity? (Include the final, smaller annuity payment in the total.)
State total months as a number, not years and months
What is N
What is I/y
What is C/y
What is P/y
What is P/v
What is Pmt
What is FV
Step by Step Solution
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Step: 1
To find the term of the annuity we can use the future value formula for an annuity FV Pmt 1 fr...
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
