Use Tables 12-1 and 12-2 from Your Text to Answer

question 36

Short Answer

Use Tables 12-1 and 12-2 from your text to answer the following problems. (Round dollars to the nearest cent)
-Refer to Narrative in your text 12-1. Jerry wants to have $1,300 at the end of each year for 14 years. The bank pays 12% interest, compounded annually. Jerry calculates that the present value of the ordinary annuity is $8,616.62. What would be the present value if payments are to be received at the BEGINNING of each period rather than the end?

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