Homework Answers
| Annual rate of interest | 8.92% | |||
| Quarterly rate of interest | 2.23% | |||
| Period | Receipts | PVf at 2.23% | Present value | |
| 1 | 20125 | 0.978186 | 19686 | |
| 2 | 20125 | 0.956849 | 19256.58 | |
| 3 | 20125 | 0.935976 | 18836.53 | |
| 4 | 20125 | 0.915559 | 18425.63 | |
| 5 | 25100 | 0.895588 | 22479.26 | |
| 6 | 25100 | 0.876052 | 21988.9 | |
| 7 | 25100 | 0.856942 | 21509.25 | |
| 8 | 25100 | 0.838249 | 21040.05 | |
| Present value of Amount received | 163222.2 | |||
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