TNT Ltd. has just received a very large sum of money by selling off one of its
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TNT Ltd. has just received a very large sum of money by selling off one of its subsidiaries. It immediately uses the funds to buy an annuity that will pay it back ten installments of $2,000,000 for ten years starting one year from today. Money is worth 10% per annum and the investment is compounded semi-annually. How much did the annuity cost rounded to the nearest dollar?
Related Book For
Understanding Business Statistics
ISBN: 978-1118145258
1st edition
Authors: Stacey Jones, Tim Bergquist, Ned Freed
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