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Aleonysh [2.5K]
2 years ago
14

a debt of $1,000 is incurred at t 5 0. What is the amount of four equal payments at t 5 1, 2, 3, and 4 that will repay the debt

if money is worth 10 percent compounded per period
Business
1 answer:
harina [27]2 years ago
7 0

Answer: $315.47

Explanation:

As this requires equal annual payments, it makes it an annuity. The $1,000 debt will be the present value of the annuity so a present value of annuity formula can be used:

1,000 = Annuity * ( 1 - ( 1 + rate) ^ -n) / rate

1,000 = Annuity * ( 1 - ( 1 + 10%)⁻⁴ ) / 10%

1,000 = Annuity * 3.169865

Annuity = 1,000/3.169865

Annuity = $315.47

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