Question: If a 5 -year ordinary annuity has a present value of $1,000, and if the annual interest rate is 10 percent, what is the amount

If a 5 -year ordinary annuity has a present value of $1,000, and if the annual interest rate is 10 percent, what is the amount of each annuity payment? 1) $240.42 2) $263.80 3) $300.20 4) $315.38 5) $346.87

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