2. Problem 29-02 (Present Value of an Annuity)

Present Value of an Annuity

Find the present value of the following ordinary annuities:

1. $1,400 per year for 8 years at 9%. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

2. $1,200 per year for 6 years at 4%. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

3. $1,400 per year for 6 years at 0%. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

4. Now rework parts a, b, and c assuming that payments are made at the beginning of each year; that is, they are annuities due. Do not round intermediate calculations. Round your answers to the nearest cent.

   $1,400 per year for 8 years at 9%.

   $

   $1,200 per year for 6 years at 4%.

   $

   $1,400 per year for 6 years at 0%.

   $