Answer to Question #241618 in Accounting for Manish Kumar

Question #241618

A 7% p.a. 10-year ordinary annuity with monthly compounding and a future value of $346 180 makes annual payments of

Expert's answer

The annual payments is:

"Pmt = \\frac{346,180}{((1+0.07)^{10}-1)\/0.07} = 25,055.64."

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