Calculate the periodic payment for the following ordinary annuity.

Periodic Payment

A repeated payment made at regular intervals, such as monthly or annually.

Ordinary Annuity

An annuity in which payments are made at the end of each period, such as yearly, monthly, or quarterly.

Adopt the concepts of time value of money to determine the investment value of annuities and bonds.

Verified Answer

Final Answer :

$3,324.24

Learning Objectives

Adopt the concepts of time value of money to determine the investment value of annuities and bonds.