If $75,000 is used to purchase an annuity that pays $950 a month, and if the interest rate is 9% compounded monthly, approximately how many payments are possible? O 120 payments O 210 payments O 100 payments O 80 payments

If $75,000 is used to purchase an annuity that pays $950 a month, and if the interest rate is 9% compounded monthly, approximately how many payments are possible? O 120 payments O 210 payments O 100 payments O 80 payments

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 20E

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If $75,000 is used to purchase an annuity that pays $950 a month, and if the interest rate is 9%
compounded monthly, approximately how many payments are possible?
120 payments
O 210 payments
O 100 payments
O 80 payments

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