Please post all the work, so I can understand the process :) -Nick got a $125...
Please post all the work, so I can understand the process :)
-Nick got a $125 a month for four years while attending college to earn his undergraduate degree. At a 6.5 percent discount rate, what were these payments worth to him on the day he started college.
|
A. |
$5,201.16 |
|
B. |
$5,270.94 |
|
C. |
$5,509.19 |
|
D. |
$5,608.87 |
|
E. |
$5,800.00 |
Homework Answers
Ans B. $ 5270.94
| Annuity PV Factor (End of Month) = | P [ 1 - ( 1 + r )-n ] |
| r | |
| 125* ( 1 - ((1 / (1 + 6.5%/12)^48))) | |
| 6.5%/12 | |
| 28.55090353 | |
| 0.005416667 | |
| 5270.94 |
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