Homework Answers
| r = 5%/12 = | 0.416667% |
| n = 9.5 * 12 = | 114 |
| Future value of annuity ordinary = P * ( (1+r)^n - 1 ) / r | |
| 3678 = P * ( (1+0.416667%)^114 - 1 ) / 0.416667% | |
| P = 3678 * 0.416667% / ( (1+0.416667%)^114 - 1 ) = | 25.27 |
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