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A nursing home offers a deal where the customer puts down $250,000. Over the next 12 years, the customer receives a payment that increases by

A nursing home offers a deal where the customer puts down $250,000. Over the next 12 years, the customer receives a payment that increases by $1000 each year. At the end of the period, the customer receives the $250,000 back. In total, how much has the customer paid for 12 years of care, assuming interest rates are 5%? Use the attached spreadsheet [ Data ]. (Hint: you need to know the net present value of the incoming cash flows). $76,230 $64,400 $182,854 $250,000 $81,844

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