Find the present value of 20 quarterly payments of $3,000 each to be received over the next five years. The stated interest rate is 5 percent per annum. Multiple choice question. $52,347 $51,506 $45,989 $61,784

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Find the present value of 20 quarterly payments of $3,000 each to be received over the next five
years. The stated interest rate is 5 percent per annum.
Multiple choice question.
$52,347
$51,506
$45,989
$61,784
Transcribed Image Text:Find the present value of 20 quarterly payments of $3,000 each to be received over the next five years. The stated interest rate is 5 percent per annum. Multiple choice question. $52,347 $51,506 $45,989 $61,784
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