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Given below are the present value factors for $1.00 discounted as 8% for 1 to 5 periods. Each of the following items is based on 8% interest compounded annually from day of deposit to day of withdrawal.

Present Value of $1
Discounted at
Periods 8% per Period
1 0.926
2 0.857
3 0.794
4 0.735
5 0.681

1) CPA Exam - Which of the following should be used to calculate the amount of the equal periodic payments that could be equivalent to an outlay of $3000 at the time of the last payment?

a) Amount of 1
b) Amount of an annuity of 1
c) Present value of an annuity of 1
d) Present value of 1

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