Lois is purchasing an annuity that will pay $5,000 annually for 20 years, with the first annuity pay

Lois is purchasing an annuity that will pay $5,000 annually for 20 years, with the first annuity payment made on the date of purchase. What is the value of the annuity on the purchase date given a discount rate of 7 percent?

This is an annuity due, since the first payment is made on the date of purchase.

Using our present value of an annuity due calculator, we get 56,677.98.