A lease valued at $22,000 requires payments of $1,629 at the beginning of every three months. If money is worth 5% compounded quarterly, what is the size of the final lease payment? The size of the final payment is $| (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A lease valued at $22,000 requires payments of $1,629 at the beginning of every three months. If money is worth 5% compounded quarterly, what is the size of the final lease payment? The size of the final payment is $| (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:A lease valued at $22,000 requires payments of $1,629 at the beginning of every three months. If money is worth 5% compounded quarterly, what is the size of the final lease payment?
The size of the final payment is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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