Use Table 12-2 from Your Text to Calculate the Present

question 31

Short Answer

Use Table 12-2 from your text to calculate the present value of the ordinary annuity, rounding to the nearest cent. $$\begin{array} { l l l l l } \text { Annuity } & \text { Payment } & \text { Time } & \text { Nominal } & \text { Present Value } \\\text { Payments } & \text { Frequency } & \text { Period } & \underline { \text { Rate } } & \text { of the Annuity } \\\$ \$ 2,000 & \text { every } 6 \text { months } & 10 \text { years } & 16 \% & \\\end{array}$$

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