Maddy Christiansen received $2,900 today July 1, 2015, from her annuity. Ms. Christiansen has been receiving similar
Question:
Maddy Christiansen received $2,900 today July 1, 2015, from her annuity. Ms. Christiansen has been receiving similar payments on the first of each month for several years from an annuity that will expire on September 1, 2018. If she discounts the future cash flows at an annual rate of 8%, what is the present value of her annuity including the July 1 payment? Assume that the APR is compounded monthly.
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Here we have the monthly annuity payment the length o...View the full answer
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