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Show all work and any financial calculator functions used. Martha leaves an estate of $500,000. Interest on this estate is paid to John for the
Show all work and any financial calculator functions used. Martha leaves an estate of $500,000. Interest on this estate is paid to John for the first X years at the end of each year. Karen receives annual interest payments from the end of year X+1 forever. At an annual effective interest rate of 5%, the present value of Karen's interest payment is 3.05 times the present value of John's. Calculate X. a.) 5 b.) 6 c.) 8 d.) 9
Show all work and any financial calculator functions used.
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