Bowman French
01/30/2023 · Senior High School
Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) \[ 20,000 \text { in a fund paying } 5 \% \text { per year, with quarterly payments for } 20 \text { years } \]
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The periodic payment necessary to accumulate $20,000 in the annuity account is approximately $204.45.
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