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Your friend promises you an annuity of 25 payments. If the first payment occurs in year 1 , the interest rate is 20% and the

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Your friend promises you an annuity of 25 payments. If the first payment occurs in year 1 , the interest rate is 20% and the present value at year zero for the promise is $400, which of the following right about the present value at year zero for the payment at year 7 ? a. $14.80 b. $16.64 c. $23.83 d. $22.56 e. None of the above

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