Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Benjamin knows that he will be receiving $ 1 1 6 , 1 1 4 to settle an insurance claim, but he will not actually
Benjamin knows that he will be receiving $ to settle an insurance claim, but he will not actually be paid for another months. Needing cash now, he is considering an offer from a finance company to buy this payment from him by paying him cash today. The annual simple discount rate they are offering him is How much would he receive if he takes this deal?
Round your answer to the nearest dollar.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started