Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate ofr%/year compounded m times a year. (Round your answer to the nearest cent.)S = 190,000, r =3.5, t = 30, m = 2

Accumulated sum is $190,000 Annual interest rate is 3.5% per year Time period 30 years Period per…

Answered: Find the periodic payment R required to…

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

Problem 1PS

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Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) S = 190,000, r = 3.5, t = 30, m = 2