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October 2, 2014

Homework Help: math

Posted by Nicole E on Monday, February 7, 2011 at 10:45pm.

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 6%/year compounded monthly. If the future value of the annuity after 10 yr is $55,000, what was the size of each payment?

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