Refer to the table below. What is the value of A plus B plus C plus D (A + B + C + D) or the present value of the first four payments?
The above table shows a 5 year payment plan. Each payment is made at the end of the year, so after one year, a payment of $1,000 is made, after two years another payment of $1,500 is made and so on. The interest rate is 3 percent.
A) $6,200.50
B) $6,225.32
C) $6,436.27
D) $6,589.23
C) $6,436.27
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A permanent increase in the real wage rate has a ________ income effect on labor supply than a temporary increase in the real wage, so labor supply is ________ with a permanent wage increase than for a temporary wage increase
A) larger; more B) larger; less C) smaller; more D) smaller; less
The work of Robert Lucas and Thomas Sargent ________ the existence of a downward-sloping Phillips Curve in the ________
A) first proposed, short run B) first proposed, short and long runs C) cast further doubt on, long but not short run D) cast further doubt on, short and long runs