For an income of $4,500 per month for the past five years, what is the present worth of the income at an interest rate of 15% per year, compounded monthly?     $270,000     $543,078     $398,585     $298,485

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
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not use of excel.only use formula to solve.

Q)For an income of $4,500 per month for the past five years, what is the present worth of the income at an interest rate of 15% per year, compounded monthly?

   

$270,000

   

$543,078

   

$398,585

   

$298,485

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