Mark ventura has just purchased an annuity to begin payment, Ask an Expert

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Mark Ventura has just purchased an annuity to begin payment at the end of 2016 (that is the date of the first payment). Assume it is now the beginning of the year 2014. The annuity is for $20,000 per year and is designed to last 8 years. If the interest rate for this problem calculation is 11 percent, what is the most he should have paid for the annuity? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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Financial Management, Finance

Category:- Financial Management
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