Given an interest rate of 14%, the present value of a 9-year annuity of $4,250 per...
Given an interest rate of 14%, the present value of a 9-year annuity of $4,250 per year with payments made at the beginning of each year is: (Enter your answer as a positive number rounded to 2 decimal places. )
present value $_______
Homework Answers
Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.14*4250[1-(1.14)^-9]/0.14
4250*5.638863894
=$23965.17(Approx).
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