Homework Answers
Solution:
P = $15,000 (P/F, 7%,2) + $23,000 (P/F, 7%, 3) + $36,000 (P/F, 7%,4) + $48,000 (P/F, 7%,5)
P = ($15,000 * 0.8734 ) + ($23,000 * 0.8163) + ($36,000 * 0.7629) + ($48,000* 0.7130)
P = 13101.58 + 18,774.85 + 27,464.23 + 34223.34
P = $93,564
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