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6. Roxanne invested $550,000 in a new business 7 years ago. The business was expected to bring in $8,000 each month for the next 17
6. Roxanne invested $550,000 in a new business 7 years ago. The business was expected to bring in $8,000 each month for the next 17 years (in excess of all costs). The annual cost of capital (or interest rate) for this type of business was 8% with monthly compounding. What is the value of the business today? Enter just the number dollars without the $ sign or a comma and round off decimals to the closest integer, i.e., rounding $30.49 down to $30 and rounding $30.50 up to $31.)
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