Question: No excel please! I am trying to learn the math for Exam! Thank yoU! You have just joined the investment banking firm of Mckenzie &

No excel please! I am trying to learn the math for Exam! Thank yoU!

You have just joined the investment banking firm of Mckenzie & Co. They have offered you two different salary arrangements. You can have $75,000 per year for the next two years, or you can have $55,000 per year for the next two years, along with a $30,000 signing bonus today. If the interest rate is 12% compounded monthly, which is a better offer? NB: first convert the annual percentage rate of 12% to EAR and use the EAR as the discount rate.

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