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Nostrana [21]
3 years ago
8

Calculate the present value of the annuity. (Round your answer to the nearest cent.)

Mathematics
1 answer:
timama [110]3 years ago
6 0

Answer:

Ans. the present value of $1,300/month, at 6.4% compounded monthly for 360 months (30 years) is $207,831.77

Step-by-step explanation:

Hi, first, we have to turn that 6.4% compound monthly rate into an effective rate, one that meets the units of the payment, in our case, effective monthly, that is:

r(EffectiveMonthly)=\frac{r(CompMonthly)}{12} =\frac{0.063}{12} =0.005333

Therefore, our effective monthly rate is 0.5333%, and clearly the time of the investment is 30 years*12months=360 months.

Now, we need to use the following formula.

Present Value=\frac{A((1+r)^{n}-1) }{r(1+r)^{n} }

Everything should look like this.

Present Value=\frac{1,300((1+0.005333)^{360}-1) }{0.005333(1+0.005333)^{360} }

Therefore

PresentValue=207,831.77

Best of luck.

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