What is the present value of $1,000 paid at the end of each of the next 56 years if the interest rate is 9% per year? The present value is $ (Round to the nearest cent.)
What is the present value of $1,000 paid at the end of each of the next 56 years if the interest rate is 9% per year? The present value is $ (Round to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 7P
Related questions
Question
100%
![What is the present value of $1,000 paid at the end of each of the next 56 years if the interest rate is 9% per year?
The present value is $
(Round to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96e0847f-4973-4b99-ac1e-7e94417321c7%2F04dca702-8134-45f7-a5ae-0659fd820f81%2F5vhng9q_processed.png&w=3840&q=75)
Transcribed Image Text:What is the present value of $1,000 paid at the end of each of the next 56 years if the interest rate is 9% per year?
The present value is $
(Round to the nearest cent.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College