Question
Consider a level annuity-due with annual payments, and an annual interest rate of 6%. The value of the annuity-due, on the day of its first
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Consider a level annuity-due with annual payments, and an annual interest rate of 6%. The value of the annuity-due, on the day of its first payment, is $5,231.50. Using the same interest rate, the value of this annuity on the day of its last payment, is $16,778.13. Find the number of payments and the amount of the level payment for this annuity.
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Cornett, Otgo Erhemjamts
10th Edition
1260013820, 978-1260013825
