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OpenStudy (anonymous):
Nancy Billows promised to pay her son $600 quarterly for 4 years. If Nancy can invest her money at 6 percent in an ordinary annuity, Nancy must invest how much today?
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OpenStudy (mathteacher1729):
This page explains the kind of finance stuff you're asking about better than most I could find. http://www.frickcpa.com/tvom/TVOM_FV_Annuity.asp Also, this particular question doesn't seem to make sense. Does it want the value of the annuity after 4 years? Or does it want... how much she should put in the annuity now such that, after 4 years, she has (6*400 = $2,400)?
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