A property development agreement valued at $45,000 requires semi-annual lease payments of $7,000. The first payment...
A property development agreement valued at $45,000 requires semi-annual lease payments of $7,000. The first payment is due 4 years after the date of the agreement and interest is 9% compounded. For how long will payments be made?
ANSWER: The payments will be made for 6 year(s) 0 and month(s). (Type whole numbers.)
NOTE*: i would like to know how to get to that answer through a financial calculator in BGN MODE. If it is not possible to calculate through financial calculator then formulas are okay too! (Simple annuity)
Another note: N is rounded up
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