Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the present value of the following annuity? $2,376 every half year at the end of the period for the next 5 years, discounted

What is the present value of the following annuity? $2,376 every half year at the end of the period for the next 5 years, discounted back to the present at 4.86 percent per year, compounded semiannually.

Round the answer to two decimal places.

Answer:

18,472.22 (20,870.32)

Can you please help me with this question. I got 18,472.22 as my answer, but my teacher marked 20,870.32 as the right one. I'm trying to see how he got that

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions