The present value of an ordinary annuity of $500 per month for 8_3 years is $35,820. 4
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Calculate the nominal and effective values for the discount rate.
Annuity
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,...
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