The calculated present value of the annuity is $915,166.70.
Explanation and Solution:
Annuity is a collection of fixed payments made or earned either at the close or at the beginning of any term such that a significant initial payment or receipt may be turned into a set of comparatively minor payments or receipts. An annuity that lasts indefinitely is called perpetuity.
The formula for the present value of the annuity is given by:
Where;
R = annual payment = $75,000
i = interest rate = 5.25%
P = Present value of annuity
n = number of years = 20 years
P = 
P = $915,166.70
The correct answer is 1, 4, 5.
1. Money.
4. Time.
5. Considerable effort.
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Is a microeconomics law that states, all other factors being equal, as the price of a good or service increases, consumers demand for the good or service will decrease, and vice versa
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