A 5-year $100 ordinary annuity has an annual interest rate of 10%. What is its present value?
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A 5-year $100 ordinary annuity has an annual interest rate of 10%. What is its present value?
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...
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The present value of the annuity is 37908 Here we use...View the full answer
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Related Book For 
Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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