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​%
<pre>Use the periodic-payment formula for an Annuity Due: {{{matrix(1,3, PMT, "=",  i * FV[ad]/((m + i*m) * ((1 + i/m)^(mt) - 1))))}}}, where:
PMT = Periodic PAYMENT (Unknown, in this case)
i = interest rate (.044, in this case)																					
{{{FV[ad]}}} = 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: {{{highlight_green(matrix(1,5, Periodic, "(Quarterly)", payments, of, highlight("$261.76")))}}}