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Problem:

You won a state lucky lottery. You are going to receive equal monthly payments of 44100 every month at the beginning of the month for the next 5 years.

Task:

What is the present value of these payments at an interest rate of 5.56 percent per year compounded annually? The first payment will be received today. Describe in detail and show your all work.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M91146325

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