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Use formulae and not excel Today is January 1 , 2 0 2 4 . Your friend Joe has just signed a contrac t to
Use formulae and not excel
Today is January Your friend Joe has just signed a contrac
t to play for a baseball team. He will receive
$ for $ for $ for and $ for All payments are made at
the beginning of the year. Assume annual interest rate EAR
a What is the present value of his contract?
b If instead of increasing annual payments Joe wants equal dollar amount monthend cheques, how large is
his monthly pay assuming the present value remains the same
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