An annuity offers a payment of $5000 at the beginning of every three months for twenty years.
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Question:
An annuity offers a payment of $5000 at the beginning of every three months for twenty years. Interest is compounded monthly at a nominal rate of 8.8%, and the first payment is deferred for 3 years. Determine the amount that you would pay for this annuity today.
Related Book For
Corporate Finance A Focused Approach
ISBN: 978-1305637108
6th edition
Authors: Michael C. Ehrhardt, Eugene F. Brigham
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