Asked by Sherianna

Find the present value (PV) of the annuity with each payment of $3500 at the end of each year for 3 years in an account that pays 6% compounded annually.
Answered by Reiny
PV = 3500( 1.06^3 - 1)/.06
= ...
Answered by Sherianna
that'snot how you solve
Answered by Sherianna
hey I got 11,142.6 and it told me it was wrong. I am using educosoft.c for my math class so it lets you know if your answer is incorrect, so can you tell me what answer you get from the way you solve if it's the same as mine then you're are wrong. I truly need help with this problem
Answered by Reiny
Sorry, I was using the "Amount" formula
should have been:

PV = 3500( 1 - 1.06^-3)/.06
= 9355.54
Answered by Sherianna
thanks for your help
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