IIA-CIA-Part3 Exam Dumps | A company purchased a new machine on an installment payment plan and is to make equal annual payments

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Question 139

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Question 139/152

A company purchased a new machine on an installment payment plan and is to make equal annual payments beginning one year from the date of purchase. Using an interest rate of 10%, the cost of the machine can be determined by multiplying one payment by the:

A. Future value of one currency unit.

B. Future value of an annuity due of one currency unit.

C. Present value of one currency unit.

D. Present value of an ordinary annuity of one currency unit.

Correct Answer: D

The cost of the machine is the present value of the annuity the series of equal periodic payments). The annuity is an ordinary annuity because the payments begin one period after the date of purchase. The cost therefore equals the periodic payment times the interest factor for an ordinary annuity of one currency unit for a specified number of equal periodic payments discounted at a given interest rate.

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