## Math Problem Statement

Find the present value of an ordinary annuity of 60 payments of $5200 each made quarterly and earning interest at 2.5%/year compounded quarterly. (Round your answer to the nearest cent.)

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Annuities

Present Value

Interest Compounding

Algebra

### Formulas

Present Value of Annuity: PV = P × [(1 - (1 + i)^(-n)) / i]

### Theorems

Present Value Annuity Formula

### Suitable Grade Level

Grades 11-12, College Level

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