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How much would you have to invest today in the bank at an interest rate of 8% to have an annuity of $4,900 per year

How much would you have to invest today in the bank at an interest rate of 8% to have an annuity of $4,900 per year for 7 years, with nothing left in the bank at the end of the 7 years? Select the amount below that is closest to your answer. (ignore income taxes.) Present value factors: Present value of $1 table: 7 years 8% -0.583 Present value of annuity table: 7 years 8% 5.206 $24,989 $33,600 $2,798 O $31,111

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