## Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 2.5%/year compounded monthly. I

Question

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 2.5%/year compounded monthly. If the future value of the annuity after 10 years is $60,000, what was the size of each payment? (Round your answer to the nearest cent.)$

in progress 0
2 weeks 2021-09-02T20:00:12+00:00 1 Answers 0 views 0

Monthly payment= $440.71 Step-by-step explanation: Giving the following information: Mothly interest rate (i)= 0.025/12= 0.00208 Number of periods (n)= 12*10= 120 months Future Value (FV)=$60,000