Chapter 6.1, Problem 76E

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10th Edition

Ron Larson

ISBN: 9781305860919

Textbook Problem

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**Present Value** A professional athlete signs a three- year contract in which the earnings *c* can be modeled by
*t* represents the year.

(a) Find the actual value of the athlete’s contract.

(b) Assuming an annual inflation rate of

**(a)**

To determine

**To calculate:** The actual value of the contract if a professional athlete signs a contract for the 3 years where the earnings is model by

Explanation

**Given information:**

A professional athlete signs a contract for the 3 years where the earnings is model by

**Formula used:**

Actual income over the

**Calculation:**

Consider the provided statement:

Expected income model is

It is provided that

Now find Actual income with the help of the formula:

Substitute the value of

**(b)**

To determine

**To calculate:** The present value if a professional athlete signs a contract for the 3 years where the earnings is model by

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