Question
How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $50,000 in 5 years?
How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $50,000 in 5 years?
(1) State whether the problem relates to an ordinary annuity or an annuity due.
A.) ordinary annuity
B.) Annuity due
(2) Solve the problem. (Round your answer to the nearest cent.) $
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Public Finance Lessons From The Past And Effects On The Future
Authors: Miguel-Angel Galindo Martin
1st Edition
1629481491, 978-1629481494
