Arun wants to have $500 at the END of every year for 20 years. The bank pays 11% interest, compounded annually. Arun calculates that the present value of the ordinary annuity is $3,981.67. What would be the present value if payments were to be received at the BEGINNING of every period rather than the END?
A) $5,183.91
B) $5,525.98
C) $4,043.26
D) $4,419.65

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The Answer of Arun wants to have $500 at the END of every year for 20 years. The bank pays 11% interest, compounded annually. Arun calculates that the present value of the ordinary annuity is $3,981.67. What would be the present value if payments were to be received at the BEGINNING of every period rather than the END?
A) $5,183.91
B) $5,525.98
C) $4,043.26
D) $4,419.65

Arun Wants to Have $500 at the END of Every