A company estimates that it must make annual investments of $ 53828 over a 23-year period after 4 years from now. How much would the company have to invest now at an interest rate of 3% per year to sufficiently provide for the annual payments, if the first payment will begin enc of 4th year from now?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A company estimates that it must make annual investments of $ 53828 over a 23-year period after 4 years from now. How much would the
company have to invest now at an interest rate of 3% per year to sufficiently provide for the annual payments, if the first payment will begin end
of 4th year from now?
Transcribed Image Text:A company estimates that it must make annual investments of $ 53828 over a 23-year period after 4 years from now. How much would the company have to invest now at an interest rate of 3% per year to sufficiently provide for the annual payments, if the first payment will begin end of 4th year from now?
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