Question
You recently received a patent related to a medical device that is used to test for the presence of airborne viruses. A health care private
You recently received a patent related to a medical device that is used to test for the presence of airborne viruses. A health care private equity firm is interested in the technology and has offered to purchase the patent and all rights to the technology for $300 million, payable in 60 monthly payments of $5 million starting exactly one month from today. If the interest rate implicit in the agreement is 8% APR, compounded monthly, what is the present value of the payments you will receive?
(Give your answers in Millions with two decimals, e.g. $180,000,000 would be 180.00)
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