the hu family goes out for lunch, and the price of the meal is $43. The sales tax on the meal is 6%, and the family also leaves
1 answer:
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We can calculate it by PVOA table.
PVOA means present value of an ordinary annuity.
PMT = $350
PMT means recurring payment.
time = 5 years and interest rate is 4%
So n = 5 and i = 4%
So we can calculate PVOA as
PVOA = PMT times (PVOA factor for n = 5 and i = 4%)
(PVOA factor PVOA table)
So present value is $1558.2
PVOA means present value of an ordinary annuity.
PMT = $350
PMT means recurring payment.
time = 5 years and interest rate is 4%
So n = 5 and i = 4%
So we can calculate PVOA as
PVOA = PMT times (PVOA factor for n = 5 and i = 4%)
So present value is $1558.2