Question
A university student wins a scholarship worth $45,000. Instead of the lump sum, he chooses to be paid by 8 semi-annual payments of $R, with
A university student wins a scholarship worth $45,000. Instead of the lump sum, he chooses to be paid by 8 semi-annual payments of $R, with the first payment to be made 9 months from now. If the money earns interest at j2 = 9%, what is the semi-annual payment?
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Lessons In Corporate Finance
Authors: Paul Asquith, Lawrence A. Weiss
2nd Edition
1119537835, 978-1119537830
