Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV = $9,000; i= 0.01; PMT = $250; n = ? n3D (Round up to the nearest integer.)

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Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem.
PV = $9,000; i= 0.01; PMT = $250; n = ?
n3D
(Round up to the nearest integer.)
Transcribed Image Text:Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV = $9,000; i= 0.01; PMT = $250; n = ? n3D (Round up to the nearest integer.)
Expert Solution
Step 1

Given that,

PV=$9000PMT =$250i=0.01

Use the formula of ordinary annuity to find the value of n as follows:

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