Question: Hi, I'm stuck on this problem and a step-by-step guide to solve this would be appreciated. Thanks in advance! Suppose the interest rate is 9.9%

Hi, I'm stuck on this problem and a step-by-step guide to solve this would be appreciated. Thanks in advance!

Suppose the interest rate is 9.9% APR with monthly compounding. What is the present value of an annuity that pays $105 every three months for five years? (Note: Be careful not to round any intermediate steps less than six decimal places.)

The present value of the annuity is

$________________________.(Round to the nearest cent.)

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