IW$20$: Problem $5$

esults for this submission

$\backslash$table$[[$Entered$,$Answer Preview,Result$],[489\mathrm{.}69,489\mathrm{.}69,$incorrect$]]$

The answer above is NOT correct.

$(1$ point$)$

Juan purchases an annuity for $$4890$ that will make $16$ annual payments, the first to come in one year. If the effective rate of interest is $8\mathrm{.}8\%,$ how much is each annual payment?

Payment $=$$