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You purchase an annuity investment that pays you a lump sum amount of $289,284 at the...

Question:

You purchase an annuity investment that pays you a lump sum amount of $289,284 at the end of the term. You must make $20,000 quarterly payments until the end of the term. If you earn an interest rate of 2%, how many of these quarterly payments must you make? (Round to the nearest whole number)


Answers

SOLUTION:-0.5% [2% / 4; Annual rate is converted into quarterly rate] $20,000 Quarterly Interest Rate, RATE Quarterly payments, PMT Ini

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