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What is the present value of an investment that pays you $21.96 per month for 11 months if the first payment is today and the discount rate is 6.1% per month? (Round to the nearest cent)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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What is the present value of an investment that pays you $21.96 per month for 11 months if the first payment is today and the discount rate is 6.1% per month? (Round to the nearest cent)

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