Multiple Choice
Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent.
S = 20,000, r = 4, t = 7, m = 4
A) R = $565.14
B) R = $622.49
C) R = $659.97
D) R = $598.96
Correct Answer:
Verified
Correct Answer:
Verified
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