Question
Suppose you need some money today and your friend, the Loan Shark, is willing to loan you an amount today. If he wants you
Suppose you need some money today and your friend, the Loan Shark, is willing to loan you an amount today. If he wants you to pay back $5,522 at the end of 3 years and he charges 8% APR interest on his loan to you, how much money will you receive as a loan today from your Loan Shark friend? (Round your answer to TWO decimal points)
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
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