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Complete the following for the present value of an ordinary annuity. (Use Table 1 your answer to the nearest cent.)

Complete the following for the present value of an ordinary annuity. (Use Table 1 your answer to the nearest cent.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Drill Problem 13-5 (Algo) [LU 13-2 (1)) Complete the following for the present value of an ordinary annuity. (Use Table 13.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount of annuity expected 740 Payment Annually Answer is complete but not entirely correct. Present value (amount needed now to invest to receive annuity) Time 5 years Interest rate : 7 % $ 542.00
Transcribed Image Text:Drill Problem 13-5 (Algo) [LU 13-2 (1)) Complete the following for the present value of an ordinary annuity. (Use Table 13.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount of annuity expected 740 Payment Annually Answer is complete but not entirely correct. Present value (amount needed now to invest to receive annuity) Time 5 years Interest rate : 7 % $ 542.00
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