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(Solved): hi please help :) For each of the following annuities, calculate the annuity payment. Note: Do not r ...
hi please help :)
For each of the following annuities, calculate the annuity payment. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., \( 32.16 . \)
Expert Answer
1) Given: Future Value = $25,350 Annual Rate of Interest (r) = 10% or 0.10 No. of years (n) = 8 years Calculation of Ordinary Annuity: Ordinary Annuity = Future Value of Ordinary Annuity / [((1 + r)^n - 1) / r] = $25,350 / [((1 + 0.1)^8 - 1) / 0.1] =