Question

Find the present value of the annuity. Round to the nearest cent. Payments of $460 made annually for 13 years at 6% compounded annually 

          Find the present value of the annuity. Round to the nearest cent. Payments of $460 made annually for 13 years at 6% compounded annually

Added by Larry L.

Elementary and Intermediate Algebra
Elementary and Intermediate Algebra
Alan S. Tussy, R. David Gustafson 5th Edition
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Find the present value of the annuity. Round to the nearest cent. Payments of $460 made annually for 13 years at 6% compounded annually
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Transcript

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00:01 Hi, let's start the solution in this question we have given a is 530 dollar, t is 13 years and r is 6 % means 0 .06 compounding periods per year and n is 1.
00:16 Here we use the formula p equal to a 1 minus 1 plus r upon n power minus nt divided by r by n.
00:29 So we get here p equal to 530 into 1 minus 1 plus r by n is 1 .06 power minus 13 into 1 is minus 13 divided by 0 .06 n is 1 so that is we get 0 .06.
00:51 So here we get 530 into 1 minus 1 .06 power minus 13 is 0 .468839 divided by 0 .06...
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