If you put up $40,000 today in exchange for a 6.25 percent, 15-year annuity, what will...
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If you put up $40,000 today in exchange for a 6.25 percent, 15-year annuity, what will the annual cash flow be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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Homework Answers
| PVOrdinary Annuity = C*[(1-(1+i/100)^(-n))/(i/100)] |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| 40000= Cash Flow*((1-(1+ 6.25/100)^-15)/(6.25/100)) |
| Cash Flow = 4186.05 |
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