Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).
Payment
Interval
Future Value
Periodic
Interest Rate Compounding
Period
Payment
$20,500
S690
1 year
10.8%
monthly
The term of the annuity is
year(s) and
month(s).
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