nocency8303 nocency8303

07-08-2017
Business

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What is the pv of an ordinary annuity with 5 payments of $4,700 if the appropriate interest rate is 4.5%?

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Aliwohaish12 Aliwohaish12

07-08-2017

The formula is
pv=pmt [(1-(1+r)^(-n))÷r]
PV present value?
PMT payments 4700
R interest rate 0.045
N number of payments 5

PV=4,700×((1−(1+0.045)^(−5))÷(0.045))
pv=20,632.89

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good job