Business Finance practice problem

Your grandmother has offered to give you $1,000 per year for the next 10 years. What is the present value of this 10-year, $1,000 annuity discounted back to the present at 5 percent? Try to solve this using the mathematical formula, a financial calculator, and an Excel spreadsheet… or any two of the 3 mentioned. Post your answer here with an explanation of how each method was different.

Using an Excel Spreadsheet.

= PV(rate,nper,pmt,fv)or with values entered

 

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