Homework Answers
Annual Payment = $10,000
Number of Payments = 5
Interest Rate = 8.00%
First payment will occur at the end of fourth year
Present Value = $10,000/1.08^4 + $10,000/1.08^5 + $10,000/1.08^6
+ $10,000/1.08^7 + $10,000/1.08^8
Present Value = $10,000 * (1/1.08)^3 * (1 - (1/1.08)^5) /0.08
Present Value = $10,000 * 3.169542
Present Value = $31,695.42
So, the present worth of these payments is $31,695.42
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