Question
Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 2.5%/year compounded monthly. If the
Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 2.5%/year compounded monthly. If the future value of the annuity after 12 years is $65,000, what was the size of each payment? (Round your answer to the nearest cent.)
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Public Finance A Contemporary Application Of Theory To Policy
Authors: David N. Hyman
5th Edition
0030113172, 978-0030113178
