Question
Your friend needs money today and can pay you $5,208 in 4 year, $2,569 in 8 years, $7,755 in 10 years and $698 at the
Your friend needs money today and can pay you $5,208 in 4 year, $2,569 in 8 years, $7,755 in 10 years and $698 at the end of each quarter starting at the beginning of year 3 and ending at the beginning of year 18. How much would you be willing to lend him today if you both agree that 12.03% interest per year is fair. Assume all interest is compounded quarter.
The answer given was 14,769.02, I'm just not sure how to get there. Can someone help me?
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Short Term Financial Management
Authors: John Zietlow, Matthew Hill, Terry Maness
5th Edition
1516512405, 9781516512409
