Question
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Find the present value of the ordinary annuity. (Round your answer to the nearest cent.) $1500/semiannual...
Find the present value of the ordinary annuity. (Round your answer to the nearest cent.)
$1500/semiannual period for 7 years at 3%/year compounded semiannually
Solutions
Expert Solution
Present Value of annuity = Peroidic payment * PVAF ( Peroidic rate, Number of periods )
= 1500 * PVAF( 3%/2, 7 * 2 )
= 1500 * PVAF (1.5%, 14)
= 1500 * [ 1/1.015 + 1/1.0152 + ...... + 1/1.01514 ]
= 1500 * 12.5434
= $ 18815.07 Answer
Hope you understand the solution.
jeff jeffy answered 1 year agoRelated Solutions
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