3-year annuity immediate with monthly payments has an initial payment of 200. Subsequent monthly payments are...

3-year annuity immediate with monthly payments has an initial payment of 200. Subsequent monthly payments are x% more than each preceding payment. Given that the amount of the 14th payment is 481.969, determine the present value of the annuity using a 9%, compounded monthly, interest rate.

Expert Solution

PV of annuity = $23,730.67

Solution:

jeff jeffy answered 1 year ago

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