You have successfully started and operated a company for the past 10 years. You have decided that it is time to sell your company and spend time on the beaches of Hawaii. A potential buyer is interested in your company, but he does not have the necessary capital to pay you a lump sum. Instead, he has offered $500,000 today and annuity payments for the balance. The first payment will be for $160,000 in three months. The payments will increase at 1.6% per quarter and a total of 20 quarterly payments will be made. If you require an EAR of 8%, how much are you being offered for your company? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.) Value of offer

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Q: Egyghh gyu

A: Hope it helps :)

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.