Linda wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 6.6% interest, compounded annually. Payments will be made at the end of each year.
How much money will she need to pay into the annuity each year for the annuity to have a total value of $6,000 after 6 years?
Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
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Linda wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 6.6% interest, compounded annually. Payments will be…
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