Find i(the rate per period) and n (the number of periods for the following annuity monthly deposits of $ 305 are made for 4 years into an annuity that pays 8.5% compounded

vballa15ei

vballa15ei

Answered question

2022-09-09

Find i(the rate per period) and n (the number of periods for the following annuity monthly deposits of $ 305 are made for 4 years into an annuity that pays 8.5% compounded

Answer & Explanation

Kristopher Beard

Kristopher Beard

Beginner2022-09-10Added 18 answers

Solution:
Time = 4 year
r = 8.5%
The deposit is made monthly
n=12
rate per period
= 8.5 12 % = 0.7083 % = 0.0072 = 4 × 12 = 48

Do you have a similar question?

Recalculate according to your conditions!

Ask your question.
Get an expert answer.

Let our experts help you. Answer in as fast as 15 minutes.

Didn't find what you were looking for?