Which of the following should be used to calculate the amount of the equal periodic payments that could be equivalent to an outlay of $3000 at the time of the last payment?
a) Amount of 1
b) Amount of an annuity of 1
c) Present value of an annuity of 1
d) Present value of 1
(Please give reason for answer)
Which of the following should be used to calculate the amount of the equal periodic payments that could be equivalent to an outlay of $3000 at the time of the last payment?
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