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;;

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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):
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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:

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;