Homework Answers
Number of periods = 6 * 4 = 24
Rate = 5.8% / 4 = 1.45%
Present value = (1 + r) * Annuity * [1 - 1 / (1+ r)n] / r
Present value = (1 + 0.0145) * 4000 * [1 - 1 / (1+ 0.0145)24] / 0.0145
Present value = 1.0145 * 4000 * [1 - 0.707866] / 0.0145
Present value = 1.0145 * 4000 * 20.147205
Present value = $81,757.36
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