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 $
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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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
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30081795-536e-4593-9a42-dc8a7404592a%2F7b147c3e-7277-4394-ab7f-6840da9e8a3f%2F0tmwel8_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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