Question
An annuity with a cash value of $9,700 pays $710 at the beginning of every threemonths. The investment earns 10% compounded quarterly. (a) How many
An annuity with a cash value of $9,700 pays $710 at the beginning of every threemonths. The investment earns 10% compounded quarterly.
(a) How many payments will bepaid?
(b) What is the size of the final annuitypayment?
(a) The number of payments is _____
.
(Round up to the nearest wholenumber.)
(b) The size of the final payment is $_____
.
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Personal Finance
Authors: Jeff Madura
5th edition
132994348, 978-0132994347
