a company has agreed to pay $2.1 million in 5 years to settle a lawsuit. how...
Homework Answers
Answer:
Due Amount in 5 years F=2.1 million
annual rate =9%
Period rate =Monthly rate r=9%/12=0.75%
Number of months N=5*12=60
Amount deposited = F/(1+r)^N=2.1/(1+0.75%)^60=$1.3412 Millions
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