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

question 124

Short Answer

Use Table 12-2 from your text to calculate the present value of the annuity due, rounding to the nearest cent: $$\begin{array} { l l l l l l } \text { Annuity } & \text { Payment } & \text { Time } & \text { Nominal } & \text { Interest } & \text { Present Value } \\ \underline { \text { Payments }} & \underline { \text { Frequency }} & \underline { \text { Period } } & \underline { \text { Rate } }& \underline { \text { Compounded }} & \underline { \text { of the Annuity} } \\\$ 1,500 & \text { every } 6 \text { months } & 3 \frac { 1 } { 2 } \mathrm { yrs } & 14 \% & \text { semiannually } &\end{array}$$

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