Calculate the PRESENT VALUE of the following ORDINARY ANNUITIES. Round to the nearest cent when necessary.

Annuity Payment:($3,000) Payment Frequency: (Every Year) Time Period YRS:(15)Nominal Rate%:(10)Interest Compounded:(Annually)Present Value Of The Annuity is What?

To calculate the present value of an ordinary annuity, you can use the formula:

PV = PMT * [(1 - (1 + r)^(-n)) / r]

Where:
PV = Present Value of the annuity
PMT = Annuity payment (in this case, $3,000)
r = Interest rate per period (in decimal form = 0.10)
n = Number of periods (in this case, 15 years)

Now let's calculate the present value:

PV = $3,000 * [(1 - (1 + 0.10)^(-15)) / 0.10]

We can calculate the expression inside the square brackets first:

(1 + 0.10)^(-15) ≈ 0.206609
(1 - 0.206609) ≈ 0.793391

Now, we can replace the values in the formula:

PV ≈ $3,000 * [(0.793391) / 0.10]
PV ≈ $3,000 * 7.93391
PV ≈ $23,801.73

Therefore, the present value of the annuity is approximately $23,801.73.