SOLUTION: The present value of an annuity is given. Find the periodic payment. (Round your final answer to two decimal places.) Present value = $8500, and the interest rate is 6.5% compound

Algebra ->  Finite-and-infinite-sets -> SOLUTION: The present value of an annuity is given. Find the periodic payment. (Round your final answer to two decimal places.) Present value = $8500, and the interest rate is 6.5% compound      Log On


   

Question 1131687: The present value of an annuity is given. Find the periodic payment. (Round your final answer to two decimal places.)
Present value = $8500, and the interest rate is 6.5% compounded quarterly for 10 years.
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
[(0.065/4)8500]/[1-(1+(0.065/4)^-4*10]
= 138/0.475 = 290.53