Presume the church were (still) selling favors. It promises the heavenly equivalent of $483 every month...
Presume the church were (still) selling favors. It promises the heavenly equivalent of $483 every month forever and beginning this month (immediately). If the prevailing annual interest rate were 6.8%, what would you be willing to donate to the church in exchange?
Homework Answers
The monthly payments of $483 at the beginning of each coming month will form a perpetuity due.The amount that can be donated in exchange shall be the present value of this perpetuity.
Present value of perpetuity due = Payment + (Payment/Rate of interest)
Present value of perpetuity due = $483 + ($483/0.068)
Present value of perpetuity due = $7,585.94
Hence, amount willing to be donated in exchange = $7,585.94
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