Ans D. $ 1535.72
P = | Periodic payments |
r = | rate of interest |
n = | no of years |
Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
800000 = | P * ((1 + 7%/12)^240 - 1) / (7%/12) |
800000 = | 520.926659825517 * P |
P = | 800000 / 520.926659825517 |
P = | 1535.72 |
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