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PRESENT VALUE OF AN ANNUITY Find the present values of these ordinary annuities. Discounting occurs once a...

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Finance

PRESENT VALUE OF AN ANNUITY

Find the present values of these ordinaryannuities. Discounting occurs once a year. Round your answersto the nearest cent.

  1. $700 per year for 16 years at 6%.

    $  

  2. $350 per year for 8 years at 3%.

    $  

  3. $800 per year for 6 years at 0%.

    $  

    Rework previous parts assuming that they are annuitiesdue. Round your answers to the nearest cent.

  4. $700 per year for 16 years at 6%.

    $  

  5. $350 per year for 8 years at 3%.

    $  

  6. $800 per year for 6 years at 0%.

    $  

Answer & Explanation Solved by verified expert
3.7 Ratings (294 Votes)
aInformation provided Annuity 700 Time 16 years Interest rate 6 The present value of ordinary annuity is computed by entering the below in a financial calculator in the default END mode PMT 700 N 16 IY 6 Press the CPT key and PV to calculate the present value of ordinary annuity The value obtained is 707413 Therefore the present value of ordinary annuity is 707413 b Information provided Annuity 350 Time 8 years Interest rate 3 The present value of ordinary annuity is computed by entering the below in a financial calculator in the default END mode PMT 350 N 8 IY 3 Press the CPT key and PV to calculate the present value of ordinary annuity The value    See Answer
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Transcribed Image Text

PRESENT VALUE OF AN ANNUITYFind the present values of these ordinaryannuities. Discounting occurs once a year. Round your answersto the nearest cent.$700 per year for 16 years at 6%.$  $350 per year for 8 years at 3%.$  $800 per year for 6 years at 0%.$  Rework previous parts assuming that they are annuitiesdue. Round your answers to the nearest cent.$700 per year for 16 years at 6%.$  $350 per year for 8 years at 3%.$  $800 per year for 6 years at 0%.$  

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