Question
Note ; In a General Annuity the interest period does not match the payment period. That means that each question requires a two-step solution Step
Note ;
In a General Annuity the interest period does not match the payment period.
That means that each question requires a two-step solution
Step 1 - find the equivalent interest rate to match the payment period. Do not round this interest rate
Step 2 - use the appropriate formula, Sn or An.
If you do not recognize the general annuity and skip Step 1, you will score 0% on Test 4.
What payment, made at the end of each
month
for
12
years, will accumulate to
$11,100
at
12%
compounded quarterly?
Question content area bottom
Part 1
The required
monthly
payment is
$enter your response here.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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