question archive The IF for the future value of an annuity is 7
The IF for the future value of an annuity is 7
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The IF for the future value of an annuity is 7.336 at 8% for 6 years. If we wish to accumulate $10,000 by the end of 6 years, how much should the annual payments be? Use Appendix C to calculate the answer. Multiple Choice $2,139 $1,639 $1,363 none of these
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Answer:
Annual payments = Accumulated amount / Future value of an annuity(8%,6)
Annual payments = $10,000 / 7.336
Annual payments = $1,363
