Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 06, 2024

You just won a contest. The prize is a lump sum payment of $68,740, however, you will not receive this payment for 17 years. Compute

image text in transcribed

You just won a contest. The prize is a lump sum payment of $68,740, however, you will not receive this payment for 17 years. Compute the present value of your prize assuming a discount rate of 8 percent per annum. Round your answer to 2 decimal places; record your answer without commas and without a dollar sign

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investing In The Trump Era How Economic Policies Impact Financial Markets

Investing In The Trump Era How Economic Policies Impact Financial Markets

Authors: Nicholas P. Sargen

1st Edition

3319760440,3319760459

More Books

Students also viewed these Finance questions

Question

★★★★★

Janes Auto Care is considering the purchase of a new tow truck. The garage doesnt currently have a tow truck, and the $60,000 price tag for a new truck would represent a major expenditure. Jane...

Answered: 1 week ago

Question

★★★★★

UNT Copy aste B T Format Merge & Center $. C% Conditional Form Formatting as Tot A D 11 N 0 > Q 5 C D E ALGE, FALL101 er M 11 CUMNS ACCOUNTING CYCLE WORKSHEET w CAN10156 Water Pred CA INCOME...

Answered: 1 week ago

Question

★★★★★

Have you stated clearly the purpose of your report? Does the information support your purpose?

Answered: 1 week ago

Question

★★★★★

Designing a Balanced Scorecard strategy map for an auto parts manufacturing company Domestic Auto Parts (DAP), 16 a $1 billion subsidiary of a U.S. auto parts manufacturing company, manufactured and...

Answered: 1 week ago

Question

★★★★★

Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $61,000 at an APR of 6%, which will be paid off with monthly payments of $408 for 23 years. a. Identify the amount...

Answered: 1 week ago

Question

★★★★★

a municipal bond has a coupon rate of 5.95% and a YTM of 5.61%. If an investor has a marginal tax rate of 28% what is the equivalent pretax yield on a taxable bond

Answered: 1 week ago

Question

★★★★★

Emerging technologies have a global impact. They transcend borders and have the potential to address pressing global challenges such as climate change, healthcare disparities, and food security....

Answered: 1 week ago

Question

★★★★★

Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: During the year, Alexa rented out the condo for 127 days. Alexa's AGI...

Answered: 1 week ago

Question

★★★★★

Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $375,000 per quarter. For financial reporting...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is...

Answered: 1 week ago

Previous Question Next Question