Question
Suppose the interest rate is 8.0% APR with monthly compounding. What is the present value of an annuity that pays $100 every six months for
Suppose the interest rate is 8.0% APR with monthly compounding. What is the present value of an annuity that pays $100 every six months for five years? (Note: Be careful not to round any intermediate steps less than six decimal places.)
The present value of the annuity is?
(Round to the nearest cent.)
***NO THE ANSWER IS NOT $813.74, OR $811.09*** I entered both of these amounts that I saw from the exact same question posted on Chegg, both are incorrect. Please show work on how to reach your answer.
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Sitting Pretty On A Fixed Income Personal Finance Secrets For Seniors
Authors: FC&A Medical Publishing
1st Edition
1935574582, 9781935574583
