Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 29, 2024

An ordinary annuity that lasts for 23 years has a future value of $375,000. What is the amount of the annuity if the interest rate

An ordinary annuity that lasts for 23 years has a future value of $375,000. What is the amount of the annuity if the interest rate is 16%?

a.$6,155.11.

b.$2,042.47.

c.$744.17.

d.$3,261.34.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management For Nurse Managers Merging The Heart With The Dollar

Authors: J. Michael Leger

5th Edition

1284230937, 9781284230932

More Books

Students also viewed these Finance questions

Question

★★★★★

Predict the major products (including stereochemistry) when cis-3-methylcyclohexanol reacts with the following reagents. (a) PBr3 (b) SOCI2 (c) Lucas reagent (d) Concentrated HBr (e) TsCI/pyridine,...

Answered: 1 week ago

Question

★★★★★

2. Distinguish between needs and wants, and explain why it may be better to act as if no needs exist.

Answered: 1 week ago

Question

★★★★★

An employee in a telephone sales company estimates that she has a 15% chance of closing a sale after each phone call. (i) What is the expected number of sales she will make after 40 calls? (ii) What...

Answered: 1 week ago

Question

★★★★★

Capstan Autos operated an East Coast dealership for a major Japanese car manufacturer. Capstan's owner, Sidney Capstan, attributed much of the business's success to its no-frills policy of...

Answered: 1 week ago

Question

★★★★★

A firm is considering two mutually exclusive projects, x and Y , with the following cash flows: The projects are equally risky, and their WACC is 1 0 % . What is the MIRR of the project that...

Answered: 1 week ago

Question

★★★★★

Badger Corp. has an issue of 6% bonds outstanding with 6 months left to maturity. The bonds are currently priced at $992.61, and pay interest semiannually. The firm's marginal tax rate is 40%. The...

Answered: 1 week ago

Question

★★★★★

13.4 A 400 2 resistor, a 2.5 mH inductor, and a 40 nF capacitor are in series. a) Express the s-domain impedance of this series combination as a rational function. b) Give the numerical value of the...

Answered: 1 week ago

Question

★★★★★

After watching Zappos video https://www.youtube.com/watch?v=tFyW5s_7ZWc (Zappos company culture-the zappos family on nightline , please answer the following questions . Make sure that your answers...

Answered: 1 week ago

Question

★★★★★

Firm 1 must decide whether to enter an industry in which firm 2 is an incumbent. To enter this industry, firm 1 must choose to build either a plant with a small output capacity (5), or large output...

Answered: 1 week ago

Question

★★★★★

You have just been hired as a management trainee by Cravat Sales Company, a nationwide distributor of a designers silk ties. The company has an exclusive franchise on the distribution of the ties,...

Answered: 1 week ago

Question

★★★★★

19. Two balls of mass 0.1 g and charge q each are fastened by light strings of length 5 cm from a fixed base S. The balls rest at a distance of 4 cm from each other due to electrostatic repulsion as...

Answered: 1 week ago

Question

★★★★★

2. What does the other person defi ne as the beginning?

Answered: 1 week ago

Question

★★★★★

1. What do you defi ne as the start of interaction?

Answered: 1 week ago

Question

★★★★★

1. To appreciate the importance of symbolic capacities, imagine the following: living only in the present without memories or hopes and plans; thinking only in terms of literal reality, not what...

Answered: 1 week ago

Previous Question Next Question