#### Answer

$\$ 2601.59$

#### Work Step by Step

We are given:
$R=200, i=\frac{0.09}{2}=0.045, n=20$
The present value of an annuity is given by:
$A_{p}=R \frac{1-(1+i)^{-n}}{i}$
$A_{p}=200\frac{1-(1+0.045)^{-20}}{0.045}=\$ 2601.59$

Published by
Brooks Cole

ISBN 10:
1305115546

ISBN 13:
978-1-30511-554-5

$\$ 2601.59$

You can help us out by revising, improving and updating this answer.

Update this answerAfter you claim an answer you’ll have **24 hours** to send in a draft. An editor
will review the submission and either publish your submission or provide feedback.