Find I (the rate period) and n (the number of periods) for the following annuity. Monthly...

Question

Question

Find I (the rate period) and n (the number of periods) for the following annuity.

Monthly deposits of $305 are made for 9 years into an annuity that pays 6% compounded monthly.

i = ?

Answer 1

Answer #1

Rate Per period(i) = Rate Per Year /12 = 0.06/12 =0.005 = 0.50%

Number of Periods (n)= Number of Years*12 = 9*12 = 108

Answer 2

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