The PV of an n-year annuity-immediate with quarterly payments of $650 is $18,002.97. Given a nominal annual rate of interest compounded quarterly of 3.6%, determine n.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 7P: Value of an Annuity Using the appropriate tables, solve each of the following. Required: 1....
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The PV of an n-year annuity-immediate with quarterly payments of $650 is $18,002.97. Given a nominal annual rate of interest compounded quarterly of 3.6%, determine n. The answer is 10.

 

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