Patty Schleis invests $6,542.83 now for a series of $1,300 annual returns beginning one year from...

Question

Patty Schleis invests $6,542.83 now for a series of $1,300 annual returns beginning one year from now. Patty will earn a return of 9% on the initial investment. How many annual payments of $1,300 will Patty receive?

David · Accepted Answer

SOLUTION 
Given, that the annuity payments are made at the end of each year 
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Present Value of Ordinary Annuity = $6,542.83 
PMT = Annuity payments = $1,

Patty Schleis invests $6,542.83 now for a series of $1,300 annual returns beginning one year from now. Patty will earn a return of 9% on the initial investment. How many annual payments of $1,300 will...

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