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You are offered an investment that will pay you $2300CAD [to be entered into cell B1] per year for 21 years [to be entered into

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You are offered an investment that will pay you $2300CAD [to be entered into cell B1] per year for 21 years [to be entered into cell B2]. You can earn a rate of 7.01% per year [to be entered into cell B3] on similar investments.

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Problem #1: You are offered an investment that will pay you $2300 CAD [to be entered into cell Bl] per year for 21 years [to be entered into cell B2]. You can earn a rate of 7.01% per year [to be entered into cell B3] on similar investments. A B C Payment Years Annual Rate Present Value H'mlu'b'w'NII-IL (a) How much should you be willing to pay for this annuity [cell B5]? Use the PV function. (b) What is the correct formula (using 14 characters or less) that should be placed in cell BS? Problem #1(a}: I Answer correct to 2 decimals Problem #103}

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