Question
A 20-year annuity pays $2,250 per month, and payments are made at the end of each month. If the interest rate is 11 percent compounded
A 20-year annuity pays $2,250 per month, and payments are made at the end of each month. If the interest rate is 11 percent compounded monthly for the first ten years, and 7 percent compounded monthly thereafter, what is the PV of the annuity? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)
Present value $
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Financial Accounting Tools For Business Decision-Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Canadian Edition
0470833378, 978-0470833377
