Homework Answers
Future value of annuity:
=FV(9.25%/12,5*12,-230,,1)
=17596.46
Present value of annuity:
=PV(9.25%/12,5*12,-230,,1)
=11100.29
The phrasing of question seems to indicate the payments are made at the beginning of the period, if the answer is wrong, just copy the equation in excel and remove 1.
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