Given the Time-Value of Money of 11% Compounded Annually, Calculate

question 118

Multiple Choice

Given the time-value of money of 11% compounded annually, calculate the term of an ordinary annuity of $425 monthly payments with a future value of $37,725.

• A) 66.0 years
• B) 33.0 years
• C) 14.3 years
• D) 11.0 years
• E) 5.5 years

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