Question
A company borrowed cash from the bank and signed a 4-year note at 9% annual interest. The present value for an annuity (series of payments)
A company borrowed cash from the bank and signed a 4-year note at 9% annual interest. The present value for an annuity (series of payments) at 9% for 4 years is 3.2397. The present value of 1 (single sum) at 9% for 4 years is 0.7084. Each annual payment equals $10,300. The present value of the note is:
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Auditing And Assurance Theory And Practice
Authors: Clifford Gomez
1st Edition
8120345665, 978-8120345669
