Calculate the periodic payment for the following ordinary annuity, using the financial calculator.

Ordinary Annuity

An annuity in which the payments are made at the end of each period, such as monthly or annually.

Financial Calculator

A tool used to perform financial functions and calculations, including interest rates, loan payments, investment values, and more.

Utilize the principles of the time value of money to calculate the valuation of annuities and bonds.

Verified Answer

Final Answer :

$1,618.08

Learning Objectives

Utilize the principles of the time value of money to calculate the valuation of annuities and bonds.