Answered: Find the present value of the ordinary…

Find the present value of the ordinary annuity. 40) Payments of $450 made annually for 13 years at 6% compounded annually B) $3983.72 C) $4182.75 A) $3982.28 D) $3772.71

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Question

Find the present value of the ordinary annuity.
40) Payments of $450 made annually for 13 years at 6% compounded annually
B) $3983.72
C) $4182.75
A) $3982.28
D) $3772.71

Expert Solution

Step 1

Given:

Value of each payment = $450

Number of Periods = 13

Interest rate per period = 6% = 0.06

Step by step

Solved in 2 steps

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