Asked by Luz
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
$190/month for 14 years at 5%/year compounded monthly
Answers
Answered by
Reiny
i = .05/12 = .0041666...
n = 12(14) = 168
PV = 190( 1 - 1.0041666...^-168)/.0041666...
= ...
n = 12(14) = 168
PV = 190( 1 - 1.0041666...^-168)/.0041666...
= ...
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