A 3-year annuity immediate with monthly payments has an initial payment of 200.Subsequent monthly payments are x% more than each preceding payment. Given thatthe amount of the 14th payment is 481.969, determine the present value of the annuityusing a 9%, compounded monthly, interest rate.(A) 23750(B) 24005(C) 24255(D) 24550(E) 24735

A series of regular periodic payments made at each interval is recognized as an annuity. The…

A 3-year annuity immediate with monthly payments has an initial payment of 200. Subsequent monthly payments are x% more than each preceding payment. Given that the amount of the 14h payment is 481.969, determine the present value of the annuity using a 9%, compounded monthly, interest rate. (A) 23750 (B) 24005 (C) 24255 (D) 24550 (E) 24735

A 3-year annuity immediate with monthly payments has an initial payment of 200. Subsequent monthly payments are x% more than each preceding payment. Given that the amount of the 14h payment is 481.969, determine the present value of the annuity using a 9%, compounded monthly, interest rate. (A) 23750 (B) 24005 (C) 24255 (D) 24550 (E) 24735

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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