Present value. You and your husband (wife) just had a nasty divorce. You, being the breadwinner in

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Present value. You and your husband (wife) just had a nasty divorce. You, being the breadwinner in the family, have to pay support to him (her) for the next 15 years. You haggle out a price of $3,000 to be paid at the end of every month. How much is this costing you in today’s dollars, if the applicable interest rate is 5%?

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