Homework Answers
Solution:
Let nos of payments to be received = n
Now
$3,500 * Cumulative PV factor at 8% for n periods= $21,864.10
Cumulative PV factor at 8% for n periods = $21,864.10 / 3500 = 6.24689
Refer PV factor table at 8%, this factor falls at n = 9 years
Hence last option is correct.
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