An investment will pay $15,900 at the end of each year for eight years and a one-time payment of $159,000 at the end of the eighth year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)
Determine the present value of this investment using a 7% annual interest rate. (Round your answer to the nearest whole dollar.)
Present value = 15,900*PVAF(7%, 8 years) + 159,000*PVF(7%, 8 years)
= 15,900*5.971 + 159,000*0.582
= $187,476.9
i.e. $187,477
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