What is the present value of $ $1$ comma $000$ paid at the end of each of the next $100$ years if the interest rate is $7\%$ per year?

The present value is $ $($Round to the nearest cent.$)$  A rich aunt has promised you $ $5000$ one year from today. In addition, each year after that, she has promised you a payment$($on the anniversary of the last payment$)$ that is $3\%$ larger than the last payment. She will continue to show this generosity for $20$years$,$ giving a total of $20$ payments. If the interest rate is $5\%,$ what is her promise worth today?

The present value of the aunt's promise is $ $.......($Round to the nearest dollar$)$

$$

Answer rating: 100% (QA)

1 Present Value of 1000 paid at the end of each of the next 100 years at 7 per year We can calculate ... View the full answer