Question
Find the periodic payments that will amount to the given sums under the given conditions.Find the present value of each ordinary annuity. Payments of $\$ 1200$ are made annually for 9 years at 8$\%$ compounded annually.
Step 1
The annual payment (R) is $1200, the interest rate (i) is 8% or 0.08 when expressed as a decimal, and the number of years (n) is 9. Show more…
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