Ted and Alice Hansel have a son who will begin college $10$ years from today. School expenses of $$43,000$ will need to be paid at the beginning of each of the four years that their son plans to attend college. What is the duration of this liability to the couple if they can borrow and lend at the market interest rate of $10\mathrm{.}3$ percent? $($Do not round intermediate calculations and round your answer to $5$ decimal places, e$.$g$.,32\mathrm{.}16161.)$

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To determine the duration of the liability for Ted and Alice Hansel for their sons college expenses ... View the full answer