Question

Find the present value of the ordinary annuity. (Round your answer to the nearest cent.)
$190/month for 14 years at 5%/year compounded monthly

Answer 1

i = .05/12 = .0041666...
n = 12(14) = 168

PV = 190( 1 - 1.0041666...^-168)/.0041666...
= ...