Using the annuity table, complete the following. (Use Table 13.2). (Do not round intermediate calculations. Round your answer to the nearest cent.)
| Payment amount end of each period | Frequency of payment | Length of time | Interest rate | PV of Annuity | |
| $1,490 | Annually | 9 Years | 7% | $ | |
Homework Answers
Present value of annuity = annuity x PVAF
= $1490 x 6.51523
= $9708
therefore, present value of annuity is $9708
where,
PVAF(7%, 9) = 6.5152
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