Find the present value of an ordinary annuity with payments of $13,366 quarterly for 4 years at 9.2% compounded quarterly. What is the present value? $ (Round to the nearest cent.)
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Step 1: The formula for the present value of an ordinary annuity is: $$PV = P \frac{1 - (1 + i)^{-n}}{i}$$ where: * PV is the present value * P is the payment amount * i is the interest rate per period * n is the number of periods Show more…
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