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At the reading of the will, you learn that your inheritance will allow you to receive the amount of $ 460 at the end of
At the reading of the will, you learn that your inheritance will allow you to receive the amount of $460 at the end of each year for a total of 19 consecutive years. However, because of your young age, these amounts will not begin until the end of 6 years. If the interest rate is 9.00%, what is the equivalent present value of the inheritance?
Place your answer to the nearest dollar amount. DO NOT USE A DOLLAR SIGN OR A COMMA IN YOUR ANSWER. Work your analysis using at least four decimal places of accuracy.
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