5. What is the present value of $6,000 paid at the end of each of the next 62 years if the interest rate is 6% per year?
Annual Payment = $6,000
Period = 62 years
Interest Rate = 6%
Present Value = $6,000/1.06 + $6,000/1.06^2 + … + $6,000/1.06^61
+ $6,000/1.06^62
Present Value = $6,000 * (1 - (1/1.06)^62) / 0.06
Present Value = $6,000 * 16.217006
Present Value = $97,302.04
5. What is the present value of $6,000 paid at the end of each of the...
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8.33 Knowledge Check 01 What is the present value of $6,000 to be paid at the end of each of the next eight periods assuming an interest rate of 10%? Multiple Choice O O $35.21 O $75,477 O $68.65 O $32.010 < Prev 1 2 Next >
Knowledge Check 01 What is the present value of $6,000 to be paid at the beginn each of the next eight periods assuming an interest rate of 10%? Multiple Choice o Oss2 o $75,47 o S68 615 o Prey 10 11 12 13 No 1 )