Your daughter wants to go to the University of Michigan. She is already planning to start in 16 years (which is when her first tuition payment is due). Her tuition will be $18,687 per year for four years. What is the present value (today) of her tuition if the relevant discount rate is 8.56 percent per year? Group of answer choices $16,426.19 $159,645.21 $46,570.23 $46,570.23 $17,832.28

Your daughter wants to go to the University of Michigan. She is already planning to start in 16 years (which is when her first tuition payment is due). Her tuition will be $18,687 per year for four years. What is the present value (today) of her tuition if the relevant discount rate is 8.56 percent per year? Group of answer choices $16,426.19 $159,645.21 $46,570.23 $46,570.23 $17,832.28

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 3DTM

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