Solve the following exercises by using formulas.
Present value of an ordinary annuity
AnnuityPayment  PaymentFrequency  TimePeriod (yrs)  Nominal Rate

InterestCompounded  Present Value of the Annuity  
19.  $950  every year  8  2.9  annually 
To calculate: The present value of an ordinary annuities, where annuity payment is
Given Information:
Annuity payment is
Formula used:
The formula for the calculation of present value of an ordinary annuities is as,
Where,
Calculation:
Consider the provided information,
Annuity payment is
Now, the interest rate per period is
The number of periods is
Now, substitute
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