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20) A rich donor gives a hospital $100,000 one year from today. Each year after that, the hospital will receive a payment 5% larger than
20) A rich donor gives a hospital $100,000 one year from today. Each year after that, the hospital will receive a payment 5% larger than the previous payment, with the last payment occurring in ten years' time. What is the present value (PV) of this donation, given that the interest rate is 9%? A) $772,173.49 B) $585,987.27 C) $467,922.22 D) $779,843.27 21) How long will it take $50,000 placed in a savings account at 10% interest to grow into S75.000? A) 5.25 years B) 4.25 years C) 5.00 years D) 5.50 years
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