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A workshop designed to retrain workers 55 years of age and older who have their jobs is proposed. Suppose the workshop will increase the income
A workshop designed to retrain workers 55 years of age and older who have their jobs is proposed. Suppose the workshop will increase the income of each participant by $1,200 per year for a period of 10 years. What is the present value of the increased income per participant if the discount rate equals 4,1 percent? (express your answer as a decimal, e.g 0.78, and not a percentage, i=e 78%; round to the first digit after the decimal point)
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