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An investment will pay $1,000 per year for 20 years. However, the first payment will not be paid for exactly 10 years. If your personal
An investment will pay $1,000 per year for 20 years. However, the first payment will not be paid for exactly 10 years. If your personal discount rate is 8%, how much can you pay for this investment today? (Round to the nearest dollar)
a) $4548
b) $5304
c) $4912
d) $5466
e) $4211
I got this question wrong when I selected a) $4548; the right answer was c) $4912. Can you please explain the process of getting $4912 as the right answer?
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