A racehorse breeder wants to set up a perpetual prize for a racing event in his name.
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A racehorse breeder wants to set up a perpetual prize for a racing event in his name. The first race will be run and the first prize will be paid two years from now when he retires. The fund is established immediately and will earn an effective rate of 4.0% per annum. The annual prize will be $262183. How much should he deposit into the fund?
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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