Question
1. Your grandmother promises to pay you $1,000 per year for the next four years to encourage you to stay in college. You need the
1. Your grandmother promises to pay you $1,000 per year for the next four years to encourage you to stay in college. You need the money now urgently (to buy a calculator among other things!). So, you ask for her to give you the money now. How much should you ask for to be fair to her? Assume interest rate is 10% compounded quarterly.
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
8th Edition
1264098723, 978-1264098729
