It is reported that the present value of an annuity paying $1,000 at the end of each year for y years is $12,692.58, and the present value of an annuity paying $300 each year for four years is $1,069.12. find the present value of an annuity paying $500 at the end of each two years for y years.

Norton manufacturing expects to produce 2,900 units in january and 3,600 units in february. norton budgets $20 per unit for direct materials. indirect materials are insignificant and not considered for budgeting purposes. the balance in the raw materials inventory account (all direct materials) on january 1 is $38,650. norton desires the ending balance in raw materials inventory to be 10% of the next month's direct materials needed for production. desired ending balance for february is $51,100. what is the cost of budgeted purchases of direct materials needed for january? $58,000 $65,200 $26,550 $25,150