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What is the present value of the annuity?

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annuity w/ 2 interest rates for different times of annuity 1 answer below » A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly
for the first seven years, and 7 percent compounded monthly thereafter. What is the present value of the annuity? I got PV at 0 years = $87,604.36 and PV at 7 years = $110,021.35. I’m not sure if I just add these numbers together or how I get the final
answer Jan 10 2014 05:53 PM

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