Homework Answers
Present value of annuity=annuity [1-(1+interest rate)^-time period]/interest rate
39000=annuity [1-(1.07)^-8]/0.07
39000=annuity*5.971298506
Hence Annuity=39000/5.971298506
Which is equal to
=$6531.24(approx).
Present value of annuity=annuity [1-(1+interest rate)^-time period]/interest rate
39000=annuity [1-(1.07)^-8]/0.07
39000=annuity*5.971298506
Hence Annuity=39000/5.971298506
Which is equal to
=$6531.24(approx).
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