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I am asking for number 6 it is similar to this problem that's already been solved on chegg: 6. Tim elects to receive his retirement
I am asking for number 6 it is similar to this problem that's already been solved on chegg:
6. Tim elects to receive his retirement benefits over 25 years at the rate of 1000 per month beginning one month from now. Monthly benefits increases 2.5% each year. At nominal interest rate 0.03 convertible monthly, calculate the present value of the retirement benefit. Stan elects to receive his retirement benefit over 20 years at the rate of 2000 per month beginning one month from now. The monthly benefit increases by 5% each year. At a nominal interest rate of 6% convertible monthly, calculate the present value of the retirement benefit
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