Question
Lois is purchasing an annuity that will pay $5,000 annually for 20 years, with the first annuity payment made on the date of purchase. What
Lois is purchasing an annuity that will pay $5,000 annually for 20 years, with the first annuity payment made on the date of purchase. What is the value of the annuity on the purchase date given a discount rate of 7 percent?
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$56,191.91
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$56,677.98
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$52,970.07
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$54,282.98
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$66,916.21
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Business Mathematics
Authors: Charles MillerStanley SalzmanStanley SalzmanGary Clendenen
11th Edition
0321500121, 9780321500120
