You recently found that a rich Uncle Herbert you never knew existed left you $229,482 in his will. The problem is, that money is not available to you for 21 more years (because uncle Herbert didn't think you were old enough to handle it - but he didn't know you all that well). Because you did so well in your Economics classes, you are aware of inflation (which you estimate to average 1.84% per year over the next 21 years). What is the value of the $229,482 your uncle left you in today's dollars? Enter your answer to the nearest cent!
You recently found that a rich Uncle Herbert you never knew existed left you $229,482 in his will. The problem is, that money is not available to you for 21 more years (because uncle Herbert didn't think you were old enough to handle it - but he didn't know you all that well). Because you did so well in your Economics classes, you are aware of inflation (which you estimate to average 1.84% per year over the next 21 years). What is the value of the $229,482 your uncle left you in today's dollars? Enter your answer to the nearest cent!
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:You recently found that a rich Uncle Herbert you never knew existed left you $229,482 in his will. The problem is, that money is not
available to you for 21 more years (because uncle Herbert didn't think you were old enough to handle it - but he didn't know you all that
well). Because you did so well in your Economics classes, you are aware of inflation (which you estimate to average 1.84% per year over
the next 21 years). What is the value of the $229,482 your uncle left you in today's dollars? Enter your answer to the nearest cent!
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