Find the Present Value of an Ordinary Annuity of $50

question 110

Short Answer

Find the present value of an ordinary annuity of $50 payments each made monthly over 10 years and earning interest at 4% per year compounded monthly. Round your answer to the nearest cent.
$__________

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Definitions:

Social Standing

The position or rank of a person or group within the society.

Nonfinancial Resource

Assets that are not monetary but contribute to an individual's or organization's value, such as skills, knowledge, and relationships.

Leisure Time

Free time spent away from business, work, and domestic chores, often for relaxation, recreation, or hobbies.

Seven-Day Weeks

A time division concept organizing days into a cycle of seven, used universally in the Gregorian calendar.