Jessica has an insurance policy that will pay her an annual annuity of $580 at the end
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Question:
Jessica has an insurance policy that will pay her an annual annuity of $580 at the end of each year for a total of 7 consecutive years. However, the terms of the policy are such that the annuity's first payment will not be made until the end of year 5.
Determine the present value of Jessica's policy if the interest rate is 7%.
Related Book For
Fundamentals Of Investing
ISBN: 9780135175217
14th Edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
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