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Lady_Fox [76]
3 years ago
13

What is the PV of an ordinary annuity with 10 payments of $2,700 if the appropriate interest rate is 5.5%? Group of answer choic

es $18,367 $20,352 $16,576 $17,449 $19,334
Mathematics
1 answer:
Verizon [17]3 years ago
5 0

Answer:

The PV of an ordinary annuity with 10 payments of $2,700 if the appropriate interest rate is 5.5% is $20,352.

Step-by-step explanation:

P = PMT [(1 - (1 / (1 + r)^{n})) / r]

= 2,700 [(1 - (1 / (1 + 0.055)^{10})) / 0.05]

= 2,700 [(1 - (1 / (1 + 0.055)^{10})) / 0.05]

= 2,700 [(1 - (1 / (1.708)) / 0.05]

= 2,700 [(1 - 0.58)) / 0.05]

= 2,700 [(0.41457) / 0.05]

= 2,700(7.53)

=$ 20,352

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