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1.
| Table or calculator function: | PVA of $1 |
| Payment | $5000 |
| n = | 5 |
| i = | 12% |
| Present Value | $18,024 |
Present Value = Annual payment x present value annuity factor (i, n)
= $5000 x present value annuity factor (12%, 5)
= $5000 x 3.60478
= $18,023.9
= $18,024
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