V=Ar×[1−(1+r)−n]V=\frac{A}{r}\times [1-({1+r})^{-n}]V=rA×[1−(1+r)−n]
Where,
r=8%/12= 0.006667
n=5x12=60 months
A=$670
Thus
Present value, on solving
V= $33043.35
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