(Present value of an ordinary annuity) What is the present value of $3,500 per year for...
(Present value of an ordinary annuity) What is the present value of
$3,500 per year for 10 years discounted back to the present at 11 percent? The present value of $3,500 per year for 10 years discounted back to the present at 11 percent is $ (Round to the nearest cent.)
Homework Answers
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=3500[1-(1.11)^-10]/0.11
=3500*5.88923201
=$20612.31(Approx).
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