What Is the Formula for the Present Value of an Ordinary

Multiple Choice

What is the formula for the present value of an ordinary annuity of 1?

A) $\frac { ( 1 + i ) ^ { n - 1 } } { i }$
B) $\frac { 1 } { ( 1 + i ) ^ { n } }$
C) (1 + i) ⁿ
D) $\frac { 1 - \left[ 1 / ( 1 + i ) ^ { n } \right] } { i }$