What is the present value of a $700 annuity payment over six years if interest rates are 10 percent

What is the present value of a $700 annuity payment over six years if interest rates are 10 percent

 

The PV of the annuity of $700 per year @ 10% comp.annually for 6 years is=$3,048.68

Here is the formula used to calculate this, if you wish to verify the answer.

PV=P{[1 + R]^N - 1.[1 + R]^-N} R^-1=PV OF $1 PER PERIOD, Where R=Interest rate per period, N=number of periods, P=periodic payments.

P.S. I have made a number of assumptions: that the $700 is annual payment. That the interest rate of 10% is compounded annually.