SOLUTION: can someone please, please, please help me with this problem: Find the periodic payment that will render the sum. S= $39,000, interest is 8% compounded annually, payments made

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Question 168938This question is from textbook
: can someone please, please, please help me with this problem:
Find the periodic payment that will render the sum.
S= $39,000, interest is 8% compounded annually, payments made at the end of each year for 12 years.
$2055.11
$2342.98
$3170.81
$3666.58 This question is from textbook

Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!
Okay, we're looking for series of EQUAL payments.Then
F=A%28%281%2Bi%29%5En-1%29%2Fi%29
where-----> system%28F=TotalSum%2CA=EqualPayment%2Ci=interest%2Cn=years%29
Then,
39000=A%28%281%2B.08%29%5E12-1%29%2F.08%29, cross multiply
39000%2A0.08=A%282.5181701-1%29=A%281.5181701%29
3120=A%281.5181701%29 ---->
highlight%28A=2055.11%29, Answer
Thank you,
Jojo