Find the Periodic Payment R Required to Accumulate a Sum

question 175

Multiple Choice

Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r %/year compounded m times a year. Please round the answer to the nearest cent. ​
S = 310,000, r = 5.5, t = 11, m = 12
​

• A) R = $1,519.07
• B) R = $1,676.02
• C) R = $1,714.64
• D) R = $1,714.49
• E) R = $1,717.17

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Definitions:

Tawaraya Sotatsu

A Japanese artist of the 17th century, known for his contributions to the Rinpa school of painting, characterized by bold outlines and vivid colors.

Nihonga Painting

A Japanese painting style that emerged in the late 19th century, aiming to revitalize traditional methods and subjects in response to Western influence.

Kano Hogai

A Japanese painter of the Kano school, known for his contributions to the revitalization of traditional Japanese painting in the Meiji era.

Enlightenment

A philosophical movement in the 17th and 18th centuries emphasizing reason, individualism, and skepticism towards traditional doctrines, influencing political and social reforms.