document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1053997>Question 1053997</A>: <I><SPAN STYLE=\"word-break: break-all;\"> PLEASE EXPLAIN\r<BR>\n" );
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document.write( "Find the present value of an ordinary annuity of $500 payments each made quarterly over 6 years and earning interest at 8% per year compounded quarterly.<BR>\n" );
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document.write( "a. $9,456.96<BR>\n" );
document.write( "b. $2,311.44	<BR>\n" );
document.write( "c. $24,968.07<BR>\n" );
document.write( "d. $5,264.38<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #669249 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=669249\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the present value is 9456.96.\r<BR>\n" );
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document.write( "the formula you want is the present value of an annuity with end of period payments.\r<BR>\n" );
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document.write( "that formula can be found here:\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#f5\" target = \"_blank\">https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#f5</a>\r<BR>\n" );
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document.write( "if you'd rather use a calculator, that can be found here.\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"http://arachnoid.com/finance/index.html\" target = \"_blank\">http://arachnoid.com/finance/index.html</a>\r<BR>\n" );
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document.write( "in this calculator, you enter the following:\r<BR>\n" );
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document.write( "present value = 0<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "number of periods= 24<BR>\n" );
document.write( "payment amount = -500<BR>\n" );
document.write( "interest rate percent per period = 2<BR>\n" );
document.write( "payment at end\r<BR>\n" );
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document.write( "then click on pv and it will tell you that the present value is 9,456.96\r<BR>\n" );
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document.write( "a picture of my inputs and the outputs from the calculator are shown below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2016/102301.jpg\" alt=\"$$$\" </>\r<BR>\n" );
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