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3. An investment of $1000 is being used to fund payments of $125 at the end of each year for as long as possible with a smaller final payment to be made at the time of the last regular payment. The nominal annual interest rate is 6% compounded quarterly. What is the amount of the final payment?

3. An investment of $1000 is being used to fund payments of $125 at the end of each year for as long as possible with a smaller final payment to be made at the time of the last regular payment. The nominal annual interest rate is 6% compounded quarterly. What is the amount of the final payment?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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3. An investment of $1000 is being used to fund payments of $125 at the end of each year for as long as possible with a smaller final payment to be made at the time of the last regular payment. The nominal annual interest rate is 6% compounded quarterly. What is the amount of the final payment?
Transcribed Image Text:3. An investment of $1000 is being used to fund payments of $125 at the end of each year for as long as possible with a smaller final payment to be made at the time of the last regular payment. The nominal annual interest rate is 6% compounded quarterly. What is the amount of the final payment?
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