Find the Present Value of an Ordinary Annuity of $5,000

question 66

Short Answer

Find the present value of an ordinary annuity of $5,000 payments each made annually over 9 years and earning interest at 9% per year compounded annually. Round your answer to the nearest cent.
$ __________

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Definitions:

Conditioned Stimuli

In classical conditioning, a previously neutral stimulus that, after becoming associated with the unconditioned stimulus, eventually triggers a conditioned response.

Cognitive Learning

A process involving mental operations that facilitate the acquisition and retention of knowledge, including thinking, understanding, and remembering.

Observational Learning

The process of learning behaviors by watching and imitating others, highlighted in Bandura's social learning theory.

Operant Conditioning

Operant Conditioning is a learning process through which the strength of a behavior is modified by reinforcement or punishment, a concept introduced by B.F. Skinner.