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I cannot find a correct answer to this question, also work shown would be greatly appreciated! Using a nominal annual interest rate of 5% compounded
I cannot find a correct answer to this question, also work shown would be greatly appreciated!
Using a nominal annual interest rate of 5% compounded quarterly, find the present value (i.e. value at time 0) of the following payments: (i) 500 at the end of 1 year (ii) 600 at the end of 3 years (iii) 900 at the end of 8 years. Give your answer as a decimal rounded to two places (i.e. X.XX)Step by Step Solution
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