Homework Answers
| r = 11%/12 = | 0.916667% |
| n = 7.5 * 12 = | 90 |
| Future value of annuity ordinary = P * ( (1+r)^n - 1 ) / r | |
| 2533 = P * ( (1+0.916667%)^90 - 1 ) / 0.916667% | |
| P = 2533 * 0.916667% / ( (1+0.916667%)^90 - 1 ) = | 18.24 |
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