Find the present value of an annuity due that pays $2,200.00 at the beginning of every 2 months for 3 years, if interest is earned at a rate of 5%, compounded every 2 months. The present value is $. (Round to 2 decimal places.)

Find the present value of an annuity due that pays $2,200.00 at the beginning of every 2 months for 3 years, if interest is earned at a rate of 5%, compounded every 2 months. The present value is $. (Round to 2 decimal places.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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Find the present value of an annuity due that pays $2,200.00 at the beginning of every 2 months for 3 years, if interest is earned at a rate of 5%, compounded every 2 months.

The present value is $. (Round to 2 decimal places.)

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