Suppose payments will be made for years at the end of each month into an ordinary annuity earning interest at the rate of 6.15 %/year compounded monthly. If the present value of the annuity is $40,000, what should be the size of each payment? Please round the answer to the nearest cent.
$__________

Question

Suppose payments will be made for  years at the end of each month into an ordinary annuity earning interest at the rate of 6.15 %/year compounded monthly. If the present value of the annuity is $40,000, what should be the size of each payment? Please round the answer to the nearest cent.
$__________

Quizplus · Accepted Answer

The Answer of Suppose payments will be made for  years at the end of each month into an ordinary annuity earning interest at the rate of 6.15 %/year compounded monthly. If the present value of the annuity is $40,000, what should be the size of each payment? Please round the answer to the nearest cent.
$__________

Suppose Payments Will Be Made for Years at the End