Homework question help needed

Accounting
Tutor: None Selected Time limit: 1 Day

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

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Jun 24th, 2015

This answer is not one of the mutiple choice answers given

Jun 24th, 2015

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