What must be the annual payment you receive in order to earn 6.3% rate of return on a perpetuity that has a price of $245.1? (An
swer in $s to the nearest cent, i.E. Xx.Xx, with no $-sign or commas needed.)
1 answer:
Answer:
the annual payment received is 15.44
Step-by-step explanation:
The computation of the annual payment received is shown below:
As we know that
Perpetuity = Payment ÷ rate of return
$245.1 = Payment ÷ 6.3%
So, the payment is
= $245.1 × 6.3%
= 15.44
Hence, the annual payment received is 15.44
We simply apply the above formula so that the annual amount could come
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