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stellarik [79]
3 years ago
11

An investment offers $5,800 per year, with the first payment occurring one year from now. The required return is 7 percent. a. W

hat would the value be today if the payments occurred for 20 years?
Business
1 answer:
algol133 years ago
4 0

Answer:

$61,445.20

Explanation:

we need to determine the present value of an annuity, and the simplest to determine this is by using annuity factors:

number of payments = 20

interest rate = 7%

annuity payment = $5,800

present value of the annuity = $5,800 x 10.594 (PV factor, 7%, n= 20) = $61,445.20

if we do not have an annuity table at hand (or in the internet), the formula used to calculate the annuity factor is:

annuity factor = [1 - 1/(1 + r)ⁿ] / r

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