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An investment bank is selling a financial asset that begins paying $100 for 10 years, but the payments dont start until 17 years from today.

An investment bank is selling a financial asset that begins paying $100 for 10 years, but the payments dont start until 17 years from today. If the annual interest rate is 9%, what is the value of this asset today?

Please explain. I know the answer is 161.64, but during calculation of PV, n = 16 is used instead of 17, when it says 17 years from today and I do not understand why.

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