For the following ordinary annuity, determine the size of the periodic payment. Future Payment Period $21,300.00 12 months Present Conversion Term of Annuity Interest Rate 10 years Value Value Period 8.5% annually The payment is S| (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
For the following ordinary annuity, determine the size of the periodic payment. Future Payment Period $21,300.00 12 months Present Conversion Term of Annuity Interest Rate 10 years Value Value Period 8.5% annually The payment is S| (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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:For the following ordinary annuity, determine the size of the periodic payment.
Future
Present
Payment
Period
12 months
Conversion
Value
Value
Term of Annuity Interest Rate
10 years
Period
$21,300.00
8.5%
annually
The payment is S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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