What is the present value of an ordinary annuity that pays $1,000 per year for 4 years, assuming the annual discount rate is 7 percent? a. $3,051.58 b. $762.90 c. $3,624.32 d. $3,738.32 e. $3,387.21
What is the present value of an ordinary annuity that pays $1,000 per year for 4 years, assuming the annual discount rate is 7 percent? a. $3,051.58 b. $762.90 c. $3,624.32 d. $3,738.32 e. $3,387.21
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 7P
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What is the
present value of an ordinaryannuity that pays $1,000 per year for 4 years, assuming the annual discount rate is 7 percent?a. $3,051.58b. $762.90c. $3,624.32d. $3,738.32e. $3,387.21
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