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You have your choice of two investment accounts. Investment A is a 9-year annuity that features end-of-month $2,800 payments and has an interest rate of 7 percent compounded monthly. Investment B is an annually compounded lump-sum investment with an interest rate of 9 percent, also good for 9 years.

Required:

How much money would you need to invest in B today for it to be worth as much as Investment A 9 years from now? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Present value $

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92819445

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