For the following ordinary annuity, determine the size of the periodic payment. Present Future Value Value $14,700.00 Payment Period 1 quarter Term of Annuity Interest Rate 13 years 8.3% Conversion Period quarterly The periodic payment is $ (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. Present Future Value Value $14,700.00 Payment Period 1 quarter Term of Annuity Interest Rate 13 years 8.3% Conversion Period quarterly The periodic payment is $ (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.
Present
Future Value Value
$14,700.00
Payment
Period
1 quarter
Term of Annuity Interest Rate
13 years
8.3%
Conversion
Period
quarterly
The periodic payment is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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