Use Table 122 to calculate the present value of the following ordinary annuities.
Annuity  Payment  Time  Nominal  Interest  Present Value  
Payment  Frequency  Period (years)  Rate (%)  Compounded  of the Annuity  
4.  $1,000  every month 

6  monthly 
To calculate: The present value of ordinary annuities where annuity payment is
Given Information:
Annuity payment is
Formula used:
Steps for calculating the present value of ordinary annuity are:
Step1: The interest rate per period is first determined.
Step2: Next determine the number of periods of the annuity.
Step3: Now use the table 122 in order to locate the present value table by using the intersection of the rate column and period column.
Step4: Finally calculate the present value of the ordinary annuity.
The formula to compute the present value of ordinary annuity is,
Calculation:
Consider that Annuity payment is
The rate period is
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