M Inbor, kselby1822@grC\\ Walmart . Statistics & Fa × Connect × ure | https// mh

Question

M Inbor, kselby1822@grC Walmart . Statistics & Fa × Connect × ure | https// mheducation.com/flow/connect.html CAH Ska Club recently borrowed money and agreed to pay t back with a senes of stx annual payments or $24,000 subsequenty borrows more money and agrees to pay k bock with a serlies of four annual payments interest rane or both loans IS 7% Find the present value ofthese two separate annuities ev (PV of St.EV of St. PVA of St. and EVA of S nearest whole doller. Round "Table Fector" to 4 Use appropriste factorts) from the tables provided. Round your answers to n declmal places) 7%: 24 24,000 x Third Biath payment 24,000 1 Table Factor . 11.000x [Next > Type here to search

Explanation / Answer

First Annuity Number of periods Interest Rate Single future payment * Table factor = Amount Borrowed First payment 1 7% 24000 * 0.9346 = 22429.9 Second payment 2 7% 24000 * 0.8734 = 20962.5 Third Payment 3 7% 24000 * 0.8163 = 19591.1 Fourth Payment 4 7% 24000 * 0.7629 = 18309.5 Fifth Payment 5 7% 24000 * 0.7130 = 17111.7 Sixth Payment 6 7% 24000 * 0.6663 = 15992.2 Total 114397 Second Annuity Number of periods Interest Rate Single future payment * Table factor = Amount Borrowed First payment 1 7% 11000 * 0.9346 = 10280.4 Second payment 2 7% 11000 * 0.8734 = 9607.83 Third Payment 3 7% 11000 * 0.8163 = 8979.28 Fourth Payment 4 7% 11000 * 0.7629 = 8391.85 Total 37259

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