What single payment at the end of year 5 is equivalent to an equal annual series of payments of $800 beginning at the end of year 3 and ending at the end of year 12? The interest rate is 8% compounded annually. * $5,797 $6,260 $6,762 $6.883

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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3. What single payment at the end of year 5 is equivalent to an equal annual series of payments
of $800 beginning at the end of year 3 and ending at the end of year 12? The interest rate is
8% compounded annually. *
$5,797
$6.260
$6,762
$6,883
Transcribed Image Text:3. What single payment at the end of year 5 is equivalent to an equal annual series of payments of $800 beginning at the end of year 3 and ending at the end of year 12? The interest rate is 8% compounded annually. * $5,797 $6.260 $6,762 $6,883
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