Question
I'm not sure how to approach this problem
What is the fair value of a 10-year annuity of $5,000 whose payment will start five years from now and last until fourteen years from now (10 payments), if the interest rate is 8%?
What is the fair value of a 10-year annuity of $5,000 whose payment will start five years from now and last until fourteen years from now (10 payments), if the interest rate is 8%?