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What is the present value of $1,400 a year at a discount rate of 8 percent if the first payment is received 7 years from now and you receive a total of 23 annual payments

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Answer:

P V = 1669,5

Explanation:

After seven years, future payment will be 9800$ and from there on we will have 23 annual payments more:

P V = 9800/(1+0.08)^23 = 9800/5,87 = 1669,5

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