10 (b) How much should an investor deposit now, to produce an


10 (b) How much should an investor deposit now, to produce an annuity of $10,000 per year, for ten years given an annual interest rate of 9% compounding

This is the answer I gave on the assignment:

Int Rate = 9%

N = 10 years

PMT = 10000 +/-

PV = $64,176.58

This was my assessors response which has me confused:

10bNot satisfactoryPlease review your answer as your answer is incorrect including your starting period number used. Please use Excel or a financial calculator to re-calculate the answer.

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