For the following ordinary annuity, determine the size of the periodic payment.PresentPaymentPeriod1 quarterConversionFuture Value ValueTerm of Annuity Interest Rate9 yearsPeriod$14,900.008.9%quarterlyThe periodic payment is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Future value (FV) = $14,900 Interest rate = 8.9% Quarterly interest rate (r) = 8.9%/4 = 2.225%…

For the following ordinary annuity, determine the size of the periodic payment. Present Payment Period Conversion Term of Annuity Interest Rate 9 years Future Value Value Period $14,900.00 1 quarter 8.9% quarterly The periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

For the following ordinary annuity, determine the size of the periodic payment. Present Payment Period Conversion Term of Annuity Interest Rate 9 years Future Value Value Period $14,900.00 1 quarter 8.9% quarterly The periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 7P: Value of an Annuity Using the appropriate tables, solve each of the following. Required: 1....

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