At the end of each year for ten years you deposit $750 in an account that...

At the end of each year for ten years you deposit $750 in an account that earns an annual rate of return of 12%. What is the present value of these deposits?

Expert Solution

Present value of annuity = p*[1 - (1+r)^-n / r ]

P = yearly deposits

r = rate of interest

n = number of periods

Present value = 750*[1 - (1+12%)^-10 / 12%]

Present value = $4237.67(rounded to two decimals)

jeff jeffy answered 2 years ago

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