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 10 years; interest rate 8.1%
Periodic Quarterly Payment = $21,000
Interest rate = 10% compounding quarterly
Calculating the Future Value :-
Where, C= Periodic Payments = $21000
r = Periodic Interest rate = 8.1%/4 = 2.025%
n= no of periods =10yrs*4 = 40
Future Value = $1,275,338.71
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