the final payment? (Round your answer to the nearest cent.) Final payment $

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 25E
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An annuity providing a rate of return of 4.8% compounded monthly was purchased for $
47,200. The annuity pays $420 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 $
Transcribed Image Text:An annuity providing a rate of return of 4.8% compounded monthly was purchased for $ 47,200. The annuity pays $420 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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