What is the present value of $6,000 paid at the end of each of the next 65 years if the interest rate is 7% per year? ... The present value is $ (Round to the nearest cent.)
What is the present value of $6,000 paid at the end of each of the next 65 years if the interest rate is 7% per year? ... The present value is $ (Round to the nearest cent.)
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 7Q
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![What is the present value of $6,000 paid at the end of each of the next 65 years if the interest rate is 7% per year?
The present value is $
(Round to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd742a27a-5245-4ae7-9188-0191445010bb%2Fab14f452-a48b-4f32-a6c9-d8e0db4cbf19%2Fmw42d1o_processed.png&w=3840&q=75)
Transcribed Image Text:What is the present value of $6,000 paid at the end of each of the next 65 years if the interest rate is 7% per year?
The present value is $
(Round to the nearest cent.)
Expert Solution
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Step 1
Annual payment (P) = $6000
Interest rate (r) = 7%
Number of annual payments (n) = 65
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