The Above Table Shows a 5 Year Payment Plan

question 22

Multiple Choice

The above table shows a 5 year payment plan. Each payment is made at the end of the year, so after one year, a payment of $ made, after two years another payment of $1,500 is made and so on. The interest rate is 3 percent.
-Refer to the table above. What is the present value of the entire stream of payments?

• A)$9,800.14
• B)$9,500.23
• C)$10,500.56
• D)$9,886.70

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