Question
An annuity immediate has semi-annual payments of 1,000 for 25 years at a rate of 6%, convertible quarterly. Find the present value. I'm pretty sure
An annuity immediate has semi-annual payments of 1,000 for 25 years at a rate of 6%, convertible quarterly. Find the present value.
I'm pretty sure this is the equation I should use but I'm confused on whether n is 50 or 100 and if i = .015 or .03 since the value of i is quarterly but there are semi annuual payments.
1 (1+i) 7) PV = P
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Principles Of Managerial Finance
Authors: Chad Zutter, Scott Smart
16th Global Edition
1292400641, 978-1292400648
