If $300,000 is used to purchase an annuity earning 4.5% compounded monthly and paying $2500 at the
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If $300,000 is used to purchase an annuity earning 4.5% compounded monthly and paying $2500 at the end of each month, what will be the term of the annuity? Include the final, smaller annuity payment in the total.
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The purchase price represents the present value of the annuity We hav...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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