Math Problem?
The future value of an annuity is A=$32,000. Periodic payments are made quarterly for 4 years and the annuity earns 8% compounded quarterly. Find the periodic payments?
a. $422.40
b. $1,716.80
c. $2,000
d. $2,160
The future value of an annuity is A=$32,000. Periodic payments are made quarterly for 4 years and the annuity earns 8% compounded quarterly. Find the periodic payments?
a. $422.40
b. $1,716.80
c. $2,000
d. $2,160
Comments
It's got to be a
if you earned 8% on $32,000 => periodic payments of $640. The answer must be less.