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Define each of the following terms:

a. PV; i; INT; FVn; PVAn; FVAn; PMT; m; iNom

b. FVIFi,n; PVIFi,n; FVIFAi,n; PVIFAi,n

c. Opportunity cost rate

d. Annuity; lump sum payment; cash flow; uneven cash flow stream

e. Ordinary (deferred) annuity; annuity due

f. Perpetuity; consol

g. Outflow; inflow; time line; terminal value

h. Compounding; discounting

i. Annual, semiannual, quarterly, monthly, and daily compounding

j. Effective annual rate (EAR); nominal (quoted) interest rate; APR; periodic rate

k. Amortization schedule; principal versus interest component of a payment; amortized loan

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,... Opportunity Cost

Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...

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