Your rich aunt has promised to give you $3,000 a year at the end of each of
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Your rich aunt has promised to give you $3,000 a year at the end of each of the next four years to help you pay for college. With a discount rate of 10%, the present value of the gift can be stated as:
a. PV = $3,000 (PV factor, i = 4%, n = 10)
b. PV - $3,000 X 10% X 5
c. PV = $3,000 X (Annuity PV factor, i = 10%, n — 4)
d. PV = $3,000 X (Annuity FV factor, i = 10%, n = 4)
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Managerial Accounting
ISBN: 9780138129712
1st Edition
Authors: Linda Smith Bamber, Karen Wilken Braun, Jr. Harrison, Walter T.
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