Find the periodic payments PMT necessary to accomulate the given account in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $20,000 in a fund paying 2% per year, with quarterly payments for 20 years. PMT = $

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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Find the periodic payments PMT necessary to accomulate the given account in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.)

           $20,000 in a fund paying 2% per year, with quarterly payments for 20               years.

PMT = $

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