Calculate the periodic payment for the following ordinary annuity.

Periodic Payment

A payment made at regular intervals, such as monthly or annually, often in relation to a loan or mortgage.

Ordinary Annuity

A series of equal payments made at regular intervals, with the first payment occurring at the end of the first period.

Apply time value of money fundamentals to evaluate the monetary worth of bonds and annuities.

Verified Answer

Final Answer :

$132.50

Learning Objectives

Apply time value of money fundamentals to evaluate the monetary worth of bonds and annuities.