Respuesta :

Answer:

Periodic payment = $3,881.88 (Approx).

Explanation:

Given:

Present value of annuity = $36,500

Rate = 6.5% = 0.065

Number of payment = 15

Computation:

[tex]Present\ value\ of\ annuity = periodic\ payment[\frac{1-(1+r)^{-n}}{r} ][/tex]

[tex]36,500 = periodic\ payment[\frac{1-(1+0.065)^{-15}}{0.065} ]\\\\36,500 = periodic\ payment[\frac{1-(1.065)^{-15}}{0.065} ]\\\\36,500 = periodic\ payment[\frac{1-0.388826524}{0.065} ]\\\\36,500 = periodic\ payment[\frac{0.611173476}{0.065} ]\\\\36,500 = periodic\ payment[9.40266886 ]\\\\periodic\ payment = 3,881.87658[/tex]

Periodic payment = $3,881.88 (Approx).

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