Calculate the present value of an annuity of $5,000 received annually that begins today and continues for 10 years, assuming a discount rate of 9%.
For example:
What is the monthly payment for a 30 year mortgage of $100,000 at 6% annual rate?
Recommended answer should be like this:
n = 360, i = 0.5, PV = 100,000, FV = 0
therefore PMT = 599.55
Offering $599.55 as your final answer is NOT enough; please show the input for your answers.