Albert Glover has just signed a contract with the Blue Jays which will pay him 3,000,000 at
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Albert Glover has just signed a contract with the Blue Jays which will pay him 3,000,000 at the beginning of each year for the next five years. To finance his retirement, the player decides to put a part of each year's salary (the same amount each year) into a fund which will pay him, or his estate, 400,000 a year forever, the first payment coming one year after his last salary cheque. If / = .08, how much salary does the player have left each year?
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Theory Of Interest And Life Contingencies With Pension Applications A Problem Solving Approach
ISBN: 978-1566983334
3rd Edition
Authors: Asa Michael M. Parmenter, Ph.d.
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