Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Present Value Periodic Payment Payment Interval Interest Rate Compounding Period $15,000 $1500 1 year 4.45% semi-annually he term of the annuity is year(s) and month(s).

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months).
Present
Periodic
Payment
Interval
Interest
Compounding
Period
Value
Payment
Rate
$15,000
$1500
1 year
4.45%
semi-annually
The term of the annuity is
year(s) and month(s).
Transcribed Image Text:Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Present Periodic Payment Interval Interest Compounding Period Value Payment Rate $15,000 $1500 1 year 4.45% semi-annually The term of the annuity is year(s) and month(s).
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