Question: An annuity immediate (payments at t = 1, 2, . . . , n) has annual payments of $1,000 and a present value of $11,689.59.

An annuity immediate (payments at t = 1, 2, . . . , n) has annual payments of $1,000
and a present value of $11,689.59. The interest rate is 5%. Calculate n.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Please answer all 4 problems. Exhibit 5 and 7 mentioned in the problems are listed at the end 1. 2. 3. 4. EXHIBIT 5 EXHIBIT 7 Present Value of Amounts Due Assume that you are going to receive...

Q:

1.Analyze the differences between gross working capital, net working capital, and net operating working capital and their relationship to the cash conversion cycle. The company owner is considering a...

Q:

Question 1 (1 point) Which of the following is an implicit cost to a firm that produces a good or service? Question 1 options: costs of renting or buying land for a production site costs of operating...

Q:

The semester project will consist of preparing information about what your dream job would look like five years after your education has concluded (the last of the degree and/or certifications...

Q:

Hello, I need help with this financial math problem. Note: It details the exercise, the data and the process very well. DEFERRED ANNUITIES AND CASE GENERAL....

Q:

Hello, I need help with this financial math problem. Note: It details the exercise, the data and the process very well. Prepare DEFERRED ANNUITIES AND CASE GENERAL....

Q:

Suppose you have $300,000 cash today and you can invest it to become worth $3,000,000 in 14 years. What is the present purchasing power equivalent of this $3,000,000 when the average inflation rate...

Q:

1- Today, you borrowed $20,000 at 5.5% with quarterly compounding. You have agreed to pay off the loan over 5 years by making equal weekly payments. If you were solving for your unknown weekly...

Q:

1. (a) Given the nominal annual rate of interest compounded monthly is 12%, nd the effective rate of interest per month. What is its equivalent effective rate of interest per annum? (b) Given the...

Q:

Bill Padley expects to invest $10,000 for 25 years, after which he wants to receive $108,347. What rate of interest must Padley earn? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate...

Q:

Refer to Exercise. The survey was performed in Canada, Australia, New Zealand, and the United Kingdom. Is there enough evidence to infer that there are differences in adult cigarette smoking between...

Q:

How could Trompenaars' universalism-particularism dimension be helpful in sorting out confusion in the intenational division over ethical behavior?

Q:

The Division of _ _ _ _ of the SEC assesses possible violations of SEC regulations and can take action against individuals or firms. Group of answer choices Enforcement Corporate Finance...

Q:

How many ( FILTERED ) total STORM REPORTS for tornadoes, wind, and hail were recorded by the SPC for September 2 4 , 2 0 2 4 ? Select the closest answer. Group of answer choices 5 0 - 7 5 2 1 - 4 0...

Q:

Assess HRM policies and practices designed to manage international employees in the context of an institution of higher education in a developing country.

Q:

If you were a management consultant, what do you think needs to be done differently in relation to hiring, development, and evaluation of academics at Zenon? (i) Provide a specific plan of action and...

Q:

Analyze and connect national culture with HRM in an international setting.