A company estimates that it must make annual investments of $ 53828 over a 23-year period after 4 years from now. How much would the company have to invest now at an interest rate of 3% per year to sufficiently provide for the annual payments, if the first payment will begin enc of 4th year from now?

A company estimates that it must make annual investments of $ 53828 over a 23-year period after 4 years from now. How much would the company have to invest now at an interest rate of 3% per year to sufficiently provide for the annual payments, if the first payment will begin enc of 4th year from now?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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