EBK CFIN
5th Edition
ISBN: 9781305888036
Author: BESLEY
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 4, Problem 12PROB
Summary Introduction
The monthly deposit is $450 for next nine years at 8.4% of an
Present value of an
Present value of an annuity due is the current value of future payment or the present value of a series of future periodic payments made at the beginning of each payment period.
Here,
The present value of an annuity is “
The periodic payments are “PMT”.
The interest rate is “r”.
The maturity period of number of years is “n”.
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