Find the Present Value of a Decreasing Annuity Necessary to Fund

question 52

Multiple Choice

Find the present value of a decreasing annuity necessary to fund withdrawals of $1,100 per month for 10 years, if the annuity earns 6% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. ​

• A)$94,738.99
• B) $99,080.80
• C) $97,153.15
• D) $94,739.49
• E) $95,628.67

---

Definitions:

Popular Vote

The total number or percentage of votes cast for a candidate by the electorate, as opposed to the electoral college votes in the U.S. presidential elections.

Electoral Votes

The votes cast by members of the Electoral College, determining the outcome of the United States presidential elections.

Great Migration

The movement of over 6 million African Americans from the rural Southern United States to urban areas in the North, Midwest, and West from around 1916 through the 1970s.

Twenty-First Century

The current century, spanning from January 1, 2001, to December 31, 2100, marked by rapid technological advancement and globalization.