1. **State the problem:** Calculate the present value (PV) of an annuity using the formula given. 2. **Formula:** $$PV = PMT \left( \frac{1 - (1 + i)^{-n}}{i} \right)$$ where: - $PMT$ is the payment amount per period, - $i$ is the interest rate per period, - $n$ is the total number of periods. 3. **Important rules:** - Ensure $i$ and $n$ correspond to the same period length. - Negative exponent means reciprocal: $(1+i)^{-n} = \frac{1}{(1+i)^n}$. 4. **Intermediate work:** - Calculate $(1+i)^n$. - Calculate $(1+i)^{-n} = \frac{1}{(1+i)^n}$. - Compute $1 - (1+i)^{-n}$. - Divide by $i$. - Multiply by $PMT$. 5. **Simplify carefully:** - Use \cancel{} to show any factor cancellations if applicable. 6. **Round the final answer to the nearest cent.** *Note: Since specific values for $PMT$, $i$, and $n$ are not provided, please provide these to compute the numerical answer.*