A corporation makes a payment of $2.65 million at the end of 2017 for services rendered by a large database company. With an annual interest rate of 11%, what annual payments at the end of years 2017 through 2022 will be equivalent to $2.65 million at the end of 2017?

[tex]PV=PMT[\frac{1-(1+r)^{-n}}{r} ][1+r] \\\\ 2,650,000=PMT[\frac{1-(1+0.11)^{-6}}{0.11} ][1+0.11] \\\\ 2,650,000=PMT[\frac{0.4653}{0.11} ][1.11] \\\\ 2,650,000=PMT[4.6958] \\\\ PMT = 564,334.086[/tex]

Required PMT = $564,334 (Approx)

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A corporation makes a payment of ​$2.65 million at the end of 2017 for services rendered by a large database company. With an annual interest rate of 11​%, what annual payments at the end of years 2017 through 2022 will be equivalent to ​$2.65 million at the end of​ 2017?

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A corporation makes a payment of $2.65 million at the end of 2017 for services rendered by a large database company. With an annual interest rate of 11%, what annual payments at the end of years 2017 through 2022 will be equivalent to $2.65 million at the end of 2017?