Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).Future ValuePeriodicPaymentIntervalInterest Rate CompoundingPeriodPayment$18,500$7701 year5.4%quarterlyThe term of the annuity is || year(s) and month(s).

Future value of annuity = $18500 Annual payment (A) = $770 Compounding period is quarterly. Hence,…

Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Payment Interval Future Value Periodic Interest Rate Compounding Period Payment $18,500 S770 1 year 5.4% quarterly The term of the annuity is|| year(s) and month(s).

Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Payment Interval Future Value Periodic Interest Rate Compounding Period Payment $18,500 S770 1 year 5.4% quarterly The term of the annuity is|| year(s) and month(s).

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 20E

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Question

Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).
Future Value
Periodic
Payment
Interval
Interest Rate Compounding
Period
Payment
$18,500
$770
1 year
5.4%
quarterly
The term of the annuity is || year(s) and month(s).

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