What is the present value of a security that will pay $3,000 in 20 years if securities of equal risk pay 5% annually? Do not round intermediate calculations. Round your answer to the nearest cent.
What is the present value of a security that will pay $3,000 in 20 years if securities of equal risk pay 5% annually? Do not round intermediate calculations. Round your answer to the nearest cent.
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter4: Bond Valuation
Section: Chapter Questions
Problem 6P
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![2. Problem 5.02 (Present Value)
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What is the present value of a security that will pay $3,000 in 20 years if securities of equal risk pay 5% annually? Do not round intermediate calculations. Round
your answer to the nearest cent.
2$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17f671fc-4863-415d-b756-7fd78438c6a7%2F529bbe9e-973d-4f27-9d39-e4f83afd7fdf%2Fbs6e02_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Problem 5.02 (Present Value)
еВook
What is the present value of a security that will pay $3,000 in 20 years if securities of equal risk pay 5% annually? Do not round intermediate calculations. Round
your answer to the nearest cent.
2$
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