What is the PV of an ordinary annuity with 5 payments of $4,700 if the appropriate interest rate is 4.5%? a. $17,690 b. $18,621 c. $19,601 d. $20,633 e. $16,806

PV= $20,632.89

Explanation:

Giving the following information:

Annual payments= $4,700

Interest rate= 4.5%

Number of years= 5

First, we need to calculate the future value using the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual payment

FV= {4,700*[(1.045^5) - 1]} / 0.045

FV= $25,712.34

Now, we can determine the present value:

PV= FV/(1+i)^n

PV= 25,712.34/(1.045^5)

PV= $20,632.89

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ans.

heterothermic organisms include those organisms that can switch between homeothermic (having body temperature higher than environment) and poikilothermic (having variation in internal body temperature) strategies.

some migratory birds show heterothermy as they decrease their metabolic rate during cold nights to keep their body temperature low. drop in metabolic rate allows increase in production efficiency of birds that reduces the internal body temperature to make it equal to external cold temperature during cold nights.

thus, the correct answer is 'birds allow their temperature drop in order to increase their production efficiency.'