What is the present value of 6 receipts of $2,980 each received at the beginning of each period, discounted at 9% compounded interest?
Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.09*2980[1-(1.09)^-6]/0.09
=2980*4.88965126
which is equal to
=$14571.16(Approx)
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