Explanation Given information: An annually 0.25% per month compounded monthly, is to make 36 monthly payments of $ 1000 each. Calculation: The present value is given by: F V = 1000 ( 1 + 0.025 100 ) 0 + 1000 ( 1 + 0.025 100 ) 1 + 1000 ( 1 + 0.025 100 ) 2 + ⋯ + 1000 ( 1 + 0.025 100 ) 35 = 1000 [ 1 ( 1 + 0

6th Edition

ISBN: 9781119399322

Author: Hughes-Hallett

Publisher: WILEY

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Calculate the present value of the annuity?

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Chapter 10 Solutions

APPLIED CALCULUS (WILEY PLUS)

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Calculate the present value of the annuity?

Solution Summary: The author explains that the present value of the annuity is 34472.43. An annual 0.25% per month compounded monthly, is to make 36 monthly payments of 1000 each.

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Chapter 10 Solutions