Question: If a 5-year ordinary annuity (N) has a present value (PV) of $1,000, and if the interest rate is 10 (I) percent, what is the

If a 5-year ordinary annuity (N) has a present value (PV) of $1,000, and if the interest rate is 10 (I) percent, what is the amount of each annuity payment (PMT)?

Group of answer choices

$240.42

$263.80

$300.20

$346.87

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