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Find the equivalent present worth of the following cash flows where i = 7%. In other words, how much do you have to deposit now
Find the equivalent present worth of the following cash flows where i = 7%. In other words, how much do you have to deposit now (with a second deposit as shown at the end of the first year) so that you will be able to withdraw $224 at the end of the second year, $102 at the end of the third year, and so forth if the bank pays you a 7% annual interest rate on your balance? Year 1: $-223 Year 2: $224 Year 3: $102 Year 4: $104 Year 5: $284
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