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URGENT - Annuity with 2 different interest rates for different years?
A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly for the first seven years, and 7 percent compounded monthly thereafter.
What is the present value of the annuity?
I got PV at 0 years = $87,604.36 and PV at 7 years = $110,021.35. I'm not sure if I just add these numbers together or how I get the final answer
please explain
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URGENT - Annuity with 2 different interest rates for different years?
1. URGENT - Annuity with 2 different interest rates for different years?
A 15-year annuity pays $1,500 per month, and payments are made at the end of eac
ch month. The interest rate is 11 percent compounded monthly for the first seven
years, and 7 percent compounded monthly thereafter. What is the present val
ue of the annuity? I got PV at 0 years = $87,604.36 and PV at 7 years = $110
,021.35. I'm not sure if I just add these numbers together or how I get the fina
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