I need the answer for this in 10 minutes pls The cost of grocery will increase $12% per year starting 3years from now and will continue until year 10. The cost ofin1 and 2 is $1500 per year. Determine thepresent worth of the cost through year 10 at a rate of 12%groceryyearsper year?

The cost of grocery will increase $12% per year starting 3 years from now and will continue until year 10. The cost of grocery in years 1 and 2 is $1500 per year. Determine the present worth of the cost through year 10 at a rate of 12% per year?

The cost of grocery will increase $12% per year starting 3 years from now and will continue until year 10. The cost of grocery in years 1 and 2 is $1500 per year. Determine the present worth of the cost through year 10 at a rate of 12% per year?

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

Section: Chapter Questions

Problem 1PS

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Question

I need the answer for this in 10 minutes pls

The cost of grocery will increase $12% per year starting 3
years from now and will continue until year 10. The cost of
in
1 and 2 is $1500 per year. Determine the
present worth of the cost through year 10 at a rate of 12%
grocery
years
per year?

Expert Solution

Step 1

Present worth is calculated by discounting the future cash flows by the given discount rate.

$P r e s e n t v a l u e = \frac{F u t u t e v a l u e}{{(1 + r a t e)}^{t i m e}}$

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