A principal of $20,500 generates an income of $3,000 at the end of every 2 years at

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A principal of $20,500 generates an income of $3,000 at the end of every 2 years at an effective rate of interest of 3% per annum for as long as possible. Calculate the term of the annuity and discuss the possibilities of settling the last payment.

Ans: 297.26 at t = 18 or 315.37 at t =20 or 299.05 at t=18.2

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Financial Accounting in an Economic Context

ISBN: 978-0470635292

8th Edition

Authors: Jamie Pratt

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Posted Date: Nov 19, 2020 07:30 AM

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A principal of $20,500 generates an income of $3,000 at the end of every 2 years at

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Financial Accounting in an Economic Context

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