Suppose payments will be made for yr at the end of each month into an ordinary annuity earning interest at the rate of 6.35 %/year compounded monthly. If the present value of the annuity is $38,000, what should be the size of each payment? Please round the answer to the nearest cent.
A) $421.55
B) $430.68
C) $437.55
D) $414.01
E) $436.47

Question

Suppose payments will be made for  yr at the end of each month into an ordinary annuity earning interest at the rate of 6.35 %/year compounded monthly. If the present value of the annuity is $38,000, what should be the size of each payment? Please round the answer to the nearest cent. ​
A) $421.55 
B) $430.68 
C) $437.55 
D) $414.01 
E) $436.47

Quizplus · Accepted Answer

The Answer of Suppose payments will be made for  yr at the end of each month into an ordinary annuity earning interest at the rate of 6.35 %/year compounded monthly. If the present value of the annuity is $38,000, what should be the size of each payment? Please round the answer to the nearest cent. ​
A) $421.55 
B) $430.68 
C) $437.55 
D) $414.01 
E) $436.47

Suppose Payments Will Be Made for Yr at the End