If $30,000 Is Used to Purchase an Annuity Consisting of Equal

question 166

Short Answer

If $30,000 is used to purchase an annuity consisting of equal payments at the end of each quarter for the next 5 years and the interest rate is 8% compounded quarterly,find the amount of each payment.

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Definitions:

Modifying Behavior

Techniques and strategies used to change undesirable behaviors into more positive actions through various forms of reinforcement or punishment.

Normal People

Individuals who exhibit typical or expected patterns of behavior and thought according to societal standards and norms.

Characterized By

Distinguished or marked by specific features, attributes, or traits.

Lack Of Freedom

A state in which an individual or group is restricted in their ability to make choices or act independently.