Bhupatbhai An annuity providing a rate of return of 4.8% compounded monthly was purchased for $45,200. The annuity pays $402 at the end ofeach month.e. What will be the amount of the final payment? (Round your answer to the nearest cent.)Final payment$

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An annuity providing a rate of return of 4.8% compounded monthly was purchased for $45,200. The annuity pays $402 at the each month. e. What will be the amount of the final payment? (Round your answer to the nearest cent.) Final payment $

An annuity providing a rate of return of 4.8% compounded monthly was purchased for $45,200. The annuity pays $402 at the each month. e. What will be the amount of the final payment? (Round your answer to the nearest cent.) Final payment $

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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Question

Bhupatbhai

An annuity providing a rate of return of 4.8% compounded monthly was purchased for $45,200. The annuity pays $402 at the end of
each month.
e. What will be the amount of the final payment? (Round your answer to the nearest cent.)
Final payment
$

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