Question
Leibniz sells you an annuity that pays $1,500 every month from the end of September 2018 to the end of August 2022 with annual interest
Leibniz sells you an annuity that pays $1,500 every month from the end of September 2018 to the end of August 2022 with annual interest rate 7% compounded monthly. (round off all answers to two decimal places)
(a) What is the price of this annuity on Sept 1, 2018
(b) What is the price of this annuity on Jan 1, 2019
(c) What is the future value of all the payments at the end of Aug 2022
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Financial Management for Public, Health and Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
5th edition
1506326846, 9781506326863, 1506326862, 978-1506326849
