# Finance

Nancy Bellow promised her son she would pay him \$600 a quarterly for four years.If Nancy can invest her money in a 6% ordinary annuity, how much would she need to invest today

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1. i = .06/4 = .015
n = 4x4 = 16

Present Value = 600( 1 - 1.015^-16)/.015
= 8478.88

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posted by Reiny

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