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Homework: Chapter 4 Homework Save 16 of 21 (15 complete) HW Score: 71.43%, 15 of 21 pts Score: 0 of 1 pt P4-28 (similar to)
Homework: Chapter 4 Homework Save 16 of 21 (15 complete) HW Score: 71.43%, 15 of 21 pts Score: 0 of 1 pt P4-28 (similar to) Question Help A rich aunt has promised you $4,000 one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is 7% larger than the last payment. She will continue to show this generosity for 20 years, giving a total of 20 payments. If the interest rate is 7%, what is her promise worth today? The present value is $ (Round to the nearest dollar.)
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