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Suppose You Just Bought An Annuity With 9 Annual Payments Of $15 300 At The Current Interest Rate Of 10 75 Percent

Question

Suppose you just bought an annuity with 9 annual payments of $15,300 at the current interest rate of 10.75 percent

per year.

What is the value of the investment at the current interest rate of 10.75 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

What happens to the value of your investment if interest rates suddenly drop to 5.75 percent? Finance