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August 22, 2014

Homework Help: math

Posted by Kristen on Wednesday, May 9, 2012 at 5:19am.

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment? (Round your answer to the nearest cent.)

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