Kristin Bennett, a nationally recognized philanthropist, set up an ordinary annuity of $1,600 for ten years at 9 annual interest How much does Bennett have to deposit today to pay the stream of annual payments ...

The Table 143 value for ten periods at 9 is 6418 Present value 16006418 1026880 ...

Kristin Bennett, a nationally recognized philanthropist, set up an ordinary annuity of $1,600 for ten years at

Question:

Kristin Bennett, a nationally recognized philanthropist, set up an ordinary of $1,600 for ten years at 9% annual interest. How much does Bennett have to deposit today to pay the stream of annual payments?
Annuity
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,...