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oksano4ka [1.4K]
3 years ago
6

3) Drew receives an inheritance that pays him $54,000 every three months for the next two years. Which of the following is close

st to the present value (PV) of this inheritance if the interest rate is 8.9% (EAR)?
A) $314,366
B) $471,549
C) $392,957
D) $432,000
Business
1 answer:
Snezhnost [94]3 years ago
6 0

Answer:

the correct answer is C

Explanation:

First calculate the APR with quarterly compounding, which equals 8.62% then using a periodic interest rate of 8.62/4%, calculate the present value (PV) of an annuity of $54,000 for eight periods

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