Find i (the rate per period) and n (the number of periods) for the following annuity

Finance Nov 13, 2020

Find i (the rate per period) and n (the number of periods) for the following annuity. Annual depsits of S2,300 are made for 17 years into an annuity that pays 6.25% compounded annually.

Expert Solution

Given,

Principal amount= 2300

Time period= 17 years

Interest rate= 6.25%

rate per period;

Rate (i)= 6.25%

=6.25%/ 100= 0.0625

No. of period (n)= 17 years

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