Solve the following problem. n=28; i=0.038; PMT =$217;PV =? Present Value of an Ordinary Annuity PVequals=PMT StartFraction
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Question:
Solve the following problem.
n=28; i=0.038; PMT =$217;PV =?
Present Value of an Ordinary Annuity PVequals=PMT StartFraction 1 minus left parenthesis 1 plus i right parenthesis Superscript negative n Over i EndFractionPMT1(1+i)ni where| PVequals= | present value of all payments |
| PMTequals= | periodic payment |
| iequals= | rate per period (written as a decimal) |
| nequals= | number of periods |
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