SOLUTION: Find the present value of the ordinary annuity. (Round your answer to the nearest cent.)
$1100/semiannual period for 8 years at 3%/year compounded semiannually
$
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-> SOLUTION: Find the present value of the ordinary annuity. (Round your answer to the nearest cent.)
$1100/semiannual period for 8 years at 3%/year compounded semiannually
$
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Question 1192972: Find the present value of the ordinary annuity. (Round your answer to the nearest cent.)
$1100/semiannual period for 8 years at 3%/year compounded semiannually
$ Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! best to use a calculator unless you are forced to use formulas.
i have formulas if you need them.
just let me know.
results from using this calculator are shown below.
inputs are everything except pv (present value)
first one is with payments at end of each semi-annual period.
second one is with payments are the beginning of each semi-annual period.
number of periods is 8 years * 2 semi-annual periods per year = 16 semi-annual periods.
interest rate is 3% / 2 semiannual periods per year = 1.5% per semi-annual period.
