f the present value of an ordinary, 6-year annuity is $9,700 and interest rates are 9.5 percent, what’s the present value of the same annuity due? (Round your answer to 2 decimal places.)
Present value of annuity due | = | $ 10,621.50 | |
Workings: | |||
Present value of annuity due | = | Present value of an ordinary annuity X (1 + Interest rate) | |
= | $9700 X (1 + 0.095) | ||
= | $9700 X (1.095) | ||
= | $ 10,621.50 | ||
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f the present value of an ordinary, 6-year annuity is $9,700 and interest rates are 9.5...
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