Amelie receives a payments at the end of each yera for 20 years. The first payment is $\$2000$. The remaining payments increase by $5\%$, compounded each time.
Calculate the prsent value of the payments at time 0, using an annual effective rate of interest of $10\%$.
Ans: $\frac{2000}{1.05}[\frac{1-(1.047619)^{-20}}{0.047619}]$
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