assume that today is your 30th birthday and you have 690813 in your savings account. Every quarter
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Question:
You will use the entirety of your savings to receive a growing annuity that increases your purchasing power by 2% every year. The first annual cash-flow will be received when you turn 80 years old, and the last when you turn 96 years old.
Assume an annual inflation of 2.6%.
Compute the amount received on your 80th birthday.
Related Book For
Corporate Finance
ISBN: 978-0071339575
7th Canadian Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Ro
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