5.16 The present value is $5,000 PV= = $4,629.63 1.08 The real interest rate is 2.857% (see...

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5.16 The present value is $5,000 PV= = $4,629.63 1.08 The real interest rate is 2.857% (see Self-Test 5.15a). The real cash payment is $5,000/ (1.05) = $4,761.90. Thus, PV $4,761.90 1.02857 $4,629.63

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