To find the present value $($PV$)$ of an ordinary annuity,

a$.$ the interest is compounded and then subtracted from the FV$.$

b$.$ each payment is divided by $(1+I{)}^t$

c$.$ each payment is multiplied by $(1+I{)}^t.$

d$.$ the future value $($FV$)$ is diyided by the interest rate.

e$.$ the future value is divided by $(1+I{)}^t$ :