Kevin Hall has just purchased some equipment for his landscaping business. For this equipment he must...
Kevin Hall has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of each of the next five years: $10,790, $7,980, $9,510, $12,910, and $11,900. If the appropriate discount rate is 7.320 percent, what is the cost in today’s dollars of the equipment Kevin purchased today? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.)
Homework Answers
Please provide rating..
| year | Cash payment | PVIF @ 7.32% | present value |
| 1 | 10,790 | 0.9318 | 10054.04 |
| 2 | 7,980 | 0.8682 | 6928.537 |
| 3 | 9,510 | 0.8090 | 7693.758 |
| 4 | 12,910 | 0.7538 | 9732.033 |
| 5 | 11,900 | 0.7024 | 8358.794 |
| 42767.17 | |||
| therefore cost today = | 42767.17 | ||
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