Question
A rich aunt has promised you $ 4 comma 000$4,000 one year from today. In addition, each year after that, she has promised you a
A rich aunt has promised you
$ 4 comma 000$4,000
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
3 %3%
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
8 %8%,
what is her promise worth today?
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Fundamentals Of Healthcare Finance
Authors: Paula H. Song, Kristin L. Reiter
4th Edition
1640553223, 978-1640553224
