Question
Suppose the interest rate is 8.7% APR with monthly compounding. What is the present value of an annuity that pays $85 every 6 months for
Suppose the interest rate is 8.7% APR with monthly compounding. What is the present value of an annuity that pays $85 every 6 months for 7 years? (Note: Be careful not to round any intermediate steps less than six decimal places.)
Can you please explain every step, as well as what each variable represents, I have copied every problem on chegg and I keep getting the answer wrong, I am not sure what I am doing wrong. Please help.
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Investment Analysis And Portfolio Management
Authors: Frank K. Reilly, Peggy L. Hedges, Philip Chang, Keith C. Brown, Hedges Reilly Brown
1st Canadian Edition
0176500693, 978-0176500696
