Trish receives $450 on the first of each month. Josh receives $450 on the last day of each month. Both Trish and Josh will receive payments for next four years. At a 9.5 percent discount rate, what is the difference in the present value of these two sets of payments?
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36.
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What is the future value of $1,200 a year for 40 years at 8 percent interest? Assume annual compounding.
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37.
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What is the future value of $12,000 a year for 25 years at 12 percent interest?
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