Question
Given a 5 percent interest rate, compute the present value of payments made in years 1,2 ,3 and 4 of $ 1,850, $2,050, $2,050, and
Given a 5 percent interest rate, compute the present value of payments made in years 1,2 ,3 and 4 of $ 1,850, $2,050, $2,050, and $2,350, respectively.( do not round intermediate calculations and round your final answer to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the present value of the payments we can use the formula for present value of an annuit...
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Intermediate Algebra
Authors: Margaret Lial, John Hornsby, Terry McGinnis
13th Edition
0134895983, 978-0134895987
