If a 5-Year Regular Annuity Has a Present Value of $1,000,and

question 107

Multiple Choice

If a 5-year regular annuity has a present value of $1,000,and if the interest rate is 10 percent,what is the amount of each annuity payment?

• A) $240.42
• B) $263.80
• C) $300.20
• D) $315.38
• E) $346.87

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Definitions:

Colonists' Revolt

Historical uprisings or rebellions by settlers in a colony against colonial rule or policies, often aiming for independence or significant changes.

Declaration of Independence

A historic document adopted on July 4, 1776, by the Second Continental Congress, declaring the thirteen American colonies' independence from British rule.

Electoral College

A body of electors established by the Constitution that officially elects the President and Vice President of the United States based on the popular vote in each state.

President of the United States

The head of state and head of government of the United States, serving as the chief executive of the federal government and Commander-in-Chief of the armed forces.