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Use the PV of annuity formula and explain and solve how you got $3037.29 as your answer. PV = C/r [(1(1+ r )^t)] If you

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Use the PV of annuity formula and explain and solve how you got $3037.29 as your answer.

PV=C/r [(1(1+r)^t)]

If you put up $31,000 today in exchange for a 5.25 percent, 15 -year annuity, what will the annual cash flow be? Multiple Choice $465,000.22 $2,066.67 $3,037.29 $1,409.79

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