Asked by Hilda
Calculate the present value of the annuity. (Round your answer to the nearest cent.)
$1600 monthly at 6.6% for 30 years.
$1600 monthly at 6.6% for 30 years.
Answers
Answered by
Reiny
Using the formula that you must know:
PV = payment( 1 - (1+i)^-n )/i
i = .066, n = 30
plug in those values in your calculator and calculate.
Let me know what you got.
PV = payment( 1 - (1+i)^-n )/i
i = .066, n = 30
plug in those values in your calculator and calculate.
Let me know what you got.
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