When an investigation shows that ill people have something in common to explain why they all got the same illness, the group of
1 answer:
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Answer:
$627
Explanation:
To find the answer, we use the present value of an annuity formula:
Where:
- P = Present value of the investment
- A = Value of the annuiry
- i = interest rate
- n = number of compounding periods
Now, we plug the amounts into the formula:
12,600 = A (20.09870355)
A = 12,600/20.09870355
A = 627
Thus, the value of the monthly payments is $627