Calculate the periodic payment for the following ordinary annuity.

Periodic Payment

Regular payments made over a period, such as monthly mortgage or insurance payments.

Ordinary Annuity

Uniform compensation packages delivered upon concluding every phase over a defined schedule.

Utilize the theory of time value of money to estimate the worth of annuities and bonds.

Verified Answer

Final Answer :

$1,075.51

Learning Objectives

Utilize the theory of time value of money to estimate the worth of annuities and bonds.