Mathematics of Finance

Annuities Due

Corbin wants to accumulate $1,700,000 over the next 25 years by Investing the same amount at the beginning of each month. If he can expect a long-term rate of return of 8.7% compounded annually, how much must he invest each month? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Corbin must invest $ at the beginning of each month. Compute the present value of an annulty due consisting of semiannual payments of $1,800 for 30 years, if money can earn: (Do not round Intermediate calculations and round your final answers to 2 decimal places.)