SOLUTION: Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $21,000;

Question 1059767: Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period.
$21,000; quarterly payments for 14 years; interest rate 4.4%
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!

Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period.
$21,000; quarterly payments for 14 years; interest rate 4.4%

Use the periodic-payment formula for an Annuity Due: , where:

PMT = Periodic PAYMENT (Unknown, in this case)

i = interest rate (.044, in this case)																					

 = Future Value of an annuity due ($21,000, in this case)

m = Compounding periods, per year (4, in this case)

t = Time, in years (14, in this case)

Upon doing the calculations, you should get:  

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SOLUTION: Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. &#8203;$21,000&#8203;;

SOLUTION: Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $21,000;