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You are offered a court settlement in the following terms: you will receive 9 equal payments of $7071 each every year, wth the first being
You are offered a court settlement in the following terms: you will receive 9 equal payments of $7071 each every year, wth the first being in 2 years. The current annual interest rate is 5%. Assume yearly compounding. What is this settlement worth in present value terms? Answer is 47866.1, please show work for how to get there!
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