Homework Answers
Number of payments (nper)= 26
Annual discount rate(rate) = 4.7%
Annual Installments (PMT) = 40,000,000/26 = 1,538,461.538
Present value of series of payments(PV) = ![=pv(4.7%,26,40000000/26,,1 PV(rate, nper, pmt, [fv], [type]) - end of the period 1-beginning of the period](http://img.homeworklib.com/questions/90252300-77e2-11ea-9cbb-898f836aac26.png?x-oss-process=image/resize,w_560)
= $ 23,888,712
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