Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.13*3000[1-(1.13)^-15]/0.13
=3000*7.30248807
which is equal to
=$21907.46(Approx).
Suppose you will receive payments of $3,000 at the beginning of the next 15 years (i.e.,...
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What is the correct answer?
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