Question
In: Finance
How much would you have to invest today to receive $5000 each year, at the beginning...
How much would you have to invest today to receive $5000 each year, at the beginning for 10 years at 8 percent?
Solutions
Expert Solution
Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.08*5000*[1-(1.08)^-10]/0.08
=5000*7.24688791
=$36234.44(Approx)
jeff jeffy answered 2 years agoRelated Solutions
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