Find the periodic payment which will amount to a sum of $9000 if an interest rate 8% is compounded annually at the end of 17 consecutive years. The periodic payment is $ (Round to the nearest cent.)

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 25E
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Find the periodic payment which will amount to a sum of
$9000 if an interest rate 8% is compounded annually at the
end of 17 consecutive years.
The periodic payment is $
(Round to the nearest cent.)
Transcribed Image Text:Find the periodic payment which will amount to a sum of $9000 if an interest rate 8% is compounded annually at the end of 17 consecutive years. The periodic payment is $ (Round to the nearest cent.)
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