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9 July, 10:29

If quarterly payments are made for 15 years, find the value for n in the following present value ordinary annuity formula.

F V = P (StartFraction (1 + t) superscript n Baseline minus 1 over i EndFraction)

a.

(45)

b.

(60)

c.

(15)

d.

StartFraction 15 Over 4 EndFraction

+3
Answers (1)
  1. 9 July, 10:45
    0
    b. (60)

    Step-by-step explanation:

    n represents the number of payments. If there are 4 per year for 15 years, that's a total of 4*15 = 60 payments.

    n = 60
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