What is the present value of $ 5000 paid at the end of each of the next 94 years if the interest rate is 12 % per year? The present value is $ ____ Round to nearest cent.
Thanks!
Calculation of Present value
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=$5000[1-(1.12)^-94]/0.12
=$5000*8.33313639366
=41,665.68
What is the present value of $ 5000 paid at the end of each of the...
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