Question: I know the answer to the following problem, but would like an explanation on how to get it (with a financial calculator): You have invested

I know the answer to the following problem, but would like an explanation on how to get it (with a financial calculator):

  • You have invested your money into a project that will pay you $1,000 starting 5 years from today (t = 5) and will continue to pay out until 20 years from today (t = 20). If the interest rate is 7% p.a., then the value of your investment today () is $______.
  • 7,206.80
  • 6,948.38
  • 6,735.33
  • 9,107.91
  • 9,446.65

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