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Bobby borrowed money that must be repaid in 9 months. The first 4 payments of R2000 each are paid at the beginning of each year.
Bobby borrowed money that must be repaid in 9 months. The first 4 payments of R2000 each are paid at the beginning of each year. Thereafter 5 payments of R5000 each are paid at the end of each year. Note there is only 1 payment per year. If money is worth 6.85% per year, what is the present value of these payments. Please show calculations
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