What is the present value of a $900 annuity payment over five years if interest rates are

Question:

What is the present value of a $900 payment over five years if interest rates are 8 percent?

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,...