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Bill Ivy receives an annuity of $1,000, payable once every two years. The annuity stretches out over 24 years. The first payment occurs two years
Bill Ivy receives an annuity of $1,000, payable once every two years. The annuity stretches out over 24 years. The first payment occurs two years from today. What is the present value of the annuity if the effective annual interest rate is 9%?
A. $4,650 B. $4,800 C. $5,000 D. $5,450 E. $6,050
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