Math Problem Statement
Find the present value of the ordinary annuity. (Round your final answer to two decimal places.) $2000/semiannual period for 7 years at 5%/year compounded semiannually
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Time Value of Money
Annuities
Formulas
Present Value of Annuity Formula PV = P * [1 - (1 + r)^{-nt}] / r
Theorems
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Suitable Grade Level
Advanced
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