Homework question help needed

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

5-year regular annuity has a present value of $1,000, and if the interest rate is 10%, what is the amount of each annuity payment?

Jun 24th, 2015

Thank you for the opportunity to help you with your question!

       A=p(1+r/n)nt

$1000=p(1+0.1)5

p=$1000/(1+0.1)5

p=620.921

p=$620.92 ans

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 24th, 2015

This answer is not one of the mutiple choice answers given

Jun 24th, 2015

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Jun 24th, 2015
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Jun 24th, 2015
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