Brief Exercise G-22

Kevin Morales invests $8,276.31 now for a series of $1,700 annual returns beginning one year from now. Kevin will earn a return of 10% on the initial investment. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How many annual payments of $1,700 will Kevin receive? (Hint: Use Table 4.) (Round answer to 0 decimal places, e.g. 25.)

Number of annual payments

enter a number of annual payments rounded to 0 decimal places