Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Government wants to put an amount now into an account that earns 5% per quarter to cover the expenses of a bridge that equals
The Government wants to put an amount now into an account that earns 5% per quarter to cover the expenses of a bridge that equals 42745 every quarter for 100 years. There is one single payment at the 5th quarter that equals to 20000. What is the amount that should be paid now by the government to cover these expenses?
Select one:
a. 24220
b. 870571
c. 4290170.52
d. 101161
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started