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Math Help - This annuity payment is killing me. repost sorry

  1. #1
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    Question This annuity payment is killing me. repost sorry

    Find the present value of an annuity with annual payments of $1400 per year for seven years. The interest is 9% compounded annually. My guess is $7046.13 but I'm not sure. Thanks for looking at this problem.
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  2. #2
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    Quote Originally Posted by kwtolley
    Find the present value of an annuity with annual payments of $1400 per year for seven years. The interest is 9% compounded annually. My guess is $7046.13 but I'm not sure. Thanks for looking at this problem.
    You're right! Using this PVIFA table for 9% interest for 7 years, the PVIFA = 5.0329 times $1400 gives your answer.

    PS: you can delete your other post. Click on the edit link for that post. There's a delete option.
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  3. #3
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    Smile Thanks

    thanks for the help, I will use the chart in the future.
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