Question
8. A rich aunt has promised you $ $2,000 one year from today. In addition, each year after that, she has promised you a payment
8.
A rich aunt has promised you
$ $2,000
one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is
4 %4%
larger than the last payment. She will continue to show this generosity for
2020
years, giving a total of
2020
payments. If the interest rate is
4 %4%,
what is her promise worth today?
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M: Finance
Authors: Marcia Cornett, Troy Adair, John Nofsinger
5th Edition
1260772357, 9781260772357
