Q2

Question 2

You have just received an endowment and placed this money in a savings account at an annual rate of 9.56 percent. You are going to withdraw the following cash flows for the next five years.

End of year

1.$3,494

2.$5,862

3.$5,865

4.$1,039

5.$11,977

How much is the endowment that you received?

Round the answer to two decimal places.

Please explain answer:

Example:

Using Excel, selected NPV

Rate= %

Value1=

Value 2=

Value3=

Value4=

Value5=

Answer=