A person wants to create an annuity that will provide them with a fixed payment of $10,000

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A person wants to create an annuity that will provide them with a fixed payment of $10,000 at the end of each year for the next 15 years. The annuity will earn an interest rate of 8% compounded annually. What is the present value of this annuity?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Mar 06, 2023 04:26 AM

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A person wants to create an annuity that will provide them with a fixed payment of $10,000

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The detailed answer for the above question is provided below Step 1 Determine the payment amo... View the full answer

Personal Finance

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