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What is the equal annual payment

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You are considering an investment in a 40-year security. The security will pay $25 a year at the end of each of the first three years. The security will then pay $30 a year at the end of each of the next 20 years. The nominal interest rate is assumed to be 8%, and the current price (the present value) of the security is $352.62. Given this information, what is the equal annual payment to be received at the end of Year 24 through to the end of Year 40 (17 pmts)? Choose the closest alternative. Reviewed in class. Hope you all get this one!

Reference no: EM132131478

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