What is the present value of a four-period annuity of $100 per year that begins two years from today if the discount rate is 9%

$297.22

Explanation:

Present value is the sum of discounted cash flows

Present value can be calculated with a financial calculator

Cash flow in year 1 = 0

Cash flow each year from year 2 to 5 = $100

I = 9%

Present value = $297.22

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

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answer; balance sheets;