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Chapter 3 Mathematics of Finance - page 2 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

2

Present Value of an Annuity

In this section, we will address the problem of determining the amount that should be deposited into an account now at a given interest rate in order to be able to withdraw equal amounts from the account in the future until no money remains in the account.

Here is an example: How much money must you deposit now at 6% interest compounded quarterly in order to be able to withdraw $3,000 at the end of each quarter year for two years?

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