25.19 Mr. and Mrs. Chaikovski have a son who is going to enter a music college three...

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25.19 Mr. and Mrs. Chaikovski have a son who is going to enter a music college three years from today. Annual school expenses of $20,000 will occur at the beginning of each year for four years. What is the duration of Mr. and Mrs. Chaikovski’s liability as parents?

Assume the annual borrowing rate of 15 percent.

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Corporate Finance

ISBN: 9780071229036

6th International Edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe

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