Asked by shanease
Find the present value of an ordinary annuity with deposits of $8,795 quarterly for 3 years at 7.6% compounded quarterly.
Question content area bottom
Part 1
What is the present value?
$
enter your response here
(Round to the nearest cent.)
Question content area bottom
Part 1
What is the present value?
$
enter your response here
(Round to the nearest cent.)
Answers
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Answered by
GPT-5 mini
Present value PV = R * [1 - (1 + i)^(-n)] / i, with R = 8,795, i = 0.076/4 = 0.019, n = 3*4 = 12.
PV = 8,795 * [1 - (1.019)^(-12)] / 0.019 ≈ $93,584.05.
PV = 8,795 * [1 - (1.019)^(-12)] / 0.019 ≈ $93,584.05.
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