Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.05*4500[1-(1.05)^-15]/0.05
=4500*10.8986409
=$49043.88(Approx)
c) What is the present value of an annuity that pays $4,500 at the start of...
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