         PRESENT VALUE OF A DEFERRED ANNUITY

AN ANNUITY IS A SEQUENCE OF EQUAL PAYMENTS MADE AT EQUAL
INTERVALS OF TIME. A DEFERRED ANNUITY IS AN ANNUITY FOR
WHICH THE FIRST PAYMENT IS NOT MADE UNTIL SOME FIXED TIME
IN THE FUTURE. THIS PROGRAM WILL COMPUTE THE PRESENT VALUE
OF A DEFERRED ANNUITY GIVEN THE AMOUNT OF THE INDIVIDUAL
PAYMENTS, THE NUMBER OF PAYMENTS, THE INTEREST RATE, AND
THE TIME THE ANNUITY BEGINS. IF DESIRED, A LAST EXTRA
BALLOON PAYMENT COINCIDING WITH BUT IN ADDITION TO THE
LAST PAYMENT MAY BE CONSIDERED.

PRESS ENTER TO BEGIN? 

IS INTEREST RATE QUOTED PER PERIOD(P) OR ANNUALLY(A)? A

NUMBER OF PAYMENTS PER YEAR? 12
NUMBER OF YEARS INTO FUTURE UNTIL 1ST PAYMENT? 5
ENTER EACH OF THE FOLLOWING.
ANNUAL INTEREST RATE(%) ? 3.25
TOTAL NUMBER OF PAYMENTS? 360
ENTER REGULAR PAYMENT? 1234.56
BALLOON PAYMENT            ? 56789.01
PRESENT VALUE       = 260117. 
NUMBER OF PAYMENTS  = 360 
     CONSISTING OF  12  PAYMENTS ANNUALLY.
ANNUAL INTEREST RATE  = 3.25 
PAYMENT             = 1234.56 
BALLOON PAYMENT     = 56789. 

PRESS ENTER FOR MORE? 0
