Question 259978
Find the present value of the following ordinary annuity.

	Monthly payments of $274.14, 48 months, 12% compounded monthly.
.
PV = PMT [(1 - (1 / (1 + i)^n)) / i]
PV is present value
PMT is the payments
i is the interest rate
n is number of payments
.
PV = PMT [(1 - (1 / (1 + i)^n)) / i]
PV = 274.14 [(1 - (1 / (1 + .12)^48)) / .12]
PV = 274.14 [(1 - (1 / (1.12)^48)) / .12]
PV = 274.14 [(1 - 1/230.39) / .12]
PV = 274.14 [(1 - 0.0043)/ .12]
PV = 274.14 [0.9957/ .12]
PV = 274.14 [8.2972]
PV = $2274.58