Mathematics: find the periodic payment which will amount to a sum of $18000 if an interest rate 66% is compounded annually at the end of 88 consecutive years. the periodic payment is $

Mr. Robins commision rate is $177.31....

find the periodic payment which will amount to a

yugbug44owwc7w

31.12.2021

$ 2898.55

Step-by-step explanation:

The formula to calculate the periodic payment on an annuity is given by :-

$P=\dfrac{r(PV)}{1-(1+r)^{-n}}$ , where PV is the present value , r is the rate of interest and n is the time period.

Given : Present value : $18000

Rate of interest = 6%=0.06

Time period = 8 years

Then , the periodic payment will be :-

$P=\dfrac{(0.06)(18000)}{1-(1+0.06)^{-8}}\\\\\Rightarrow\ P=\dfrac{1080}{0.3726}\\\\\Rightarrow\ P=\$2898.55$

Hence, the periodic payment is $ 2898.55.

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