Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Interest Rate Compounding Period 5.15% monthly Present Value $11,000 Periodic Payment $220 Payment Interval three months
Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Interest Rate Compounding Period 5.15% monthly Present Value $11,000 Periodic Payment $220 Payment Interval three months
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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Give typing answer with explanation and conclusion

Transcribed Image Text:Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).
Present
Value
$11,000
Interest
Rate
5.15%
Periodic
Payment
$220
Payment
Interval
three months
The term of the annuity is year(s) and
month(s).
Compounding
Period
monthly
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