Problem 5.50 – Variable Interest Rate, Value of Annuity

Essentials of Corporate Finance

Ross, Westerfield, and Jordan

10th Edition and 11th Edition

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Difficulty – Medium

What is the present value of an annuity with monthly payments, given a changing interest rate compounded monthly over different periods of time? Determine the value today of an annuity where the interest rate changes midway through the problem.

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