Question: I have a correct answer, but I need to know how to solve it. Please help me how to calculate with out using table please.
I have a correct answer, but I need to know how to solve it. Please help me how to calculate with out using table please. Thank you so much.
A machine is purchased by making payments of $17000 at the beginning of each of the next five years. The interest rate was 11%. The future value of an ordinary annuity of 1 for five periods is 6.22780. The present value of an ordinary annuity of 1 for five periods is 3.69590. What was the cost of the machine?
Correct answer: $69742
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