Question
What is the value today of a money machine that will pay $3,891.00 per year for 12.00 years? Assume the first payment is made 2.00
What is the value today of a money machine that will pay $3,891.00 per year for 12.00 years? Assume the first payment is made 2.00 years from today and the interest rate is 6.00%.
Answer format: Currency: Round to: 2 decimal places.
Please explain the significance of the 2 year deferred period and preferably how to solve this using a financial calculator.
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Personal Finance And Investments
Authors: Keith Redhead
1st Edition
0415428629, 978-0415428620
