Find the perlodic withdrawals PNT for the glven annulty account. HENT (See Quick Example 4 (Asume end-of-perlod withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $100,000 at 5, paid out quarterty for 10 years PNT-$

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Find the perlodic withdrawals PNT for the glven annulty account. HENT (See Quick Example 4 (Asume end-of-perlod withdrawals and compounding at the same intervals as withdrawals. Round your answer to
the nearest cent.)
$100,000 at 5, paid out quarterty for 10 years
PNT-$
Transcribed Image Text:Find the perlodic withdrawals PNT for the glven annulty account. HENT (See Quick Example 4 (Asume end-of-perlod withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $100,000 at 5, paid out quarterty for 10 years PNT-$
Expert Solution
Step 1

Given:

Present value, PV=100,000Rate of interest, r=5%Number of compunding per year, m=15Number of years, t=12

We have to find the Periodic payment PMT for the given present value

 

 

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