Problemsuppose payments were made at the end of each month, Ask an Expert

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Problem:

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 9%/year compounded monthly.

Required:

If the future value of the annuity after 14 years is $50,000, what was the size of each payment?

Note: Please explain comprehensively and give step by step solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91162855

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