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Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.) (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $30,000 in a fund paying 3% per year, with monthly payments for 10 years, if the fund contains $10,000 at the start

Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.) (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $30,000 in a fund paying 3% per year, with monthly payments for 10 years, if the fund contains $10,000 at the start

Essentials Of Investments
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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This question was previously rejected because it was flagged as a writing assignment; it is in fact a math problem. Can you please help me to solve it and show the necessary steps to do so?

Please note this is a FINITE Math Problem from Chapter 2.3 (Aunnuities, Loans, & Bonds) Thanks!

Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.) (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $30,000 in a fund paying 3% per year, with monthly payments for 10 years, if the fund contains $10,000 at the start
Transcribed Image Text:Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.) (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $30,000 in a fund paying 3% per year, with monthly payments for 10 years, if the fund contains $10,000 at the start
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