Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $700 per month for 10 years, if the account earns 7% per year and if there is to be $10,000 left in the annuity at the end of the 10 years PV = $
Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $700 per month for 10 years, if the account earns 7% per year and if there is to be $10,000 left in the annuity at the end of the 10 years PV = $
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 29P
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Transcribed Image Text:Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.)
$700 per month for 10 years, if the account earns 7% per year and if there is to be $10,000 left in the annuity at the end of the 10 years
PV = $
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