What amount comes closest to the future value, at the end of year 20, of a 15 year annuity of $550 that makes its first payment at the end of year 6? Use an interest rate of 4%.
An inheritance offers the amount of $100 in one year but then grows that amount by a constant rate of 4% forever. Which of the following comes closest to the present value of the inheritance if the bond's required rate of return is 10%?
Which comes closest to the present value of a 25 year annuity of $100 that begins immediately if the interest rate is 4%?