An annuity that earns 5.3% compounded monthlywas purchased for $331958. The annuity is scheduled to provide payment

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An annuity that earns 5.3% compounded monthlywas purchased for $331958. The annuity is scheduled to provide payment of $3202 at the end of each month. What will be the term of the annuity? (Include the final, smaller annuity payment in the total.)

State total months as a number, not years and months

What is N

What is I/y

What is C/y

What is P/y

What is P/v

What is Pmt

What is FV

Related Book For answer-question

Financial Management for Public Health and Not for Profit Organizations

ISBN: 978-0132805667

4th edition

Authors: Steven A. Finkler, Thad Calabrese

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Posted Date: Apr 08, 2024 12:45 PM

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An annuity that earns 5.3% compounded monthlywas purchased for $331958. The annuity is scheduled to provide payment

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Expert Answer:

To find the term of the annuity we can use the future value formula for an annuity FV Pmt 1 fr... View the full answer

Financial Management for Public Health and Not for Profit Organizations

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