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May someone help me with what the formula would be on a calculator to get the solution. Will thumbs up Assume that you inherited some
May someone help me with what the formula would be on a calculator to get the solution. Will thumbs up
Assume that you inherited some money. A friend of yours is working as an unpaid intern at a local brokerage firm, and her boss is selling securities that call for payments of $40 ( 1 payment at the end of each of the next 4 years) plus an extra payment of $1,000 at the end of Year 4 . Your friend says she can get you some of these securities at a cost of $900 each. Your money is now invested in a bank that pays an 8% nominal (quoted) interest rate but that on your bank deposit. You must calculate the value of the securities to decide whether they are a good investment. What is their present value to you? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive valueStep by Step Solution
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