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 $20,500 $690 1 year 10.8% monthly 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). Future Value Periodic Payment Interval Interest Rate Compounding Period Payment $20,500 $690 1 year 10.8% monthly The term of the annuity is year(s) and month(s).
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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Transcribed Image Text: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
$20,500
S690
1 year
10.8%
monthly
The term of the annuity is
year(s) and
month(s).
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