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What is the present value of the annuity

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You need to accumulate $86,871 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 12 years. The savings account pays 13.88 percent per year, compounded annually. How much will each annual payment be?

What is the present value of the following annuity? $595 every half year at the beginning of the period for the next 7 years, discounted back to the present at 19.73 percent per year, compounded semiannually.

Reference no: EM132696406

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