Question
I wish to see step by step answer (plugging in the numbers into each formula) D wants a sum of money in his account after
I wish to see step by step answer (plugging in the numbers into each formula)
D wants a sum of money in his account after a certain period of time at each interval of one year to meet out his son's foreign education. For this purpose, he has a sum of $210,000 in his account. His son's education would start after 6 years from now. Till then, he would make annual payments at the rate of 12% per annum. What is the payment that D is required to make? Round-off all the calculations to 4 decimals and final answer calculations to 2 decimals. Choose an answer
A Annual payment made is $106,386.00.
B Annual payment made is $106,386.00.
C Annual payment made is $51,073.77.
Annual payment made is $8,634.57.
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