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Find the present value of an ordinary annuity with deposits of $22,353 quarterly for 8 years at 5.6% compounded quarterly.
What is the present value?
(Round to the nearest cent.)

Respuesta :

Answer:

34,503

Explanation:

Principle = $22,353

Rate = 5.6%

Time = 8 years

Interest = ?

Amount = ?

Now,

According to formula,

Interest = principle*time*rate/100

= 22,353*8*5.6/100

= 1001414.4/100

= 10014.144

Then,

Amount = principle + Interest

= 22,353 + 10014.144

= 34620.144

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