For the following ordinary annuity, determine the size of the periodic payment. Present Future Value Value Payment Period 3 months Conversion Period Term of Annuity Interest Rate $6,200.00 14 years 8.5% 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
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For the following ordinary annuity, determine the size of the periodic payment.
Present
Future Value Value
Payment
Period
Conversion
Period
Term of Annuity Interest Rate
14 years
$6,200.00
3 months
8.5%
quarterly
.....
The periodic payment is S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:For the following ordinary annuity, determine the size of the periodic payment. Present Future Value Value Payment Period Conversion Period Term of Annuity Interest Rate 14 years $6,200.00 3 months 8.5% quarterly ..... The periodic 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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