Detyermine how much will the coach receive

Reference no: EM13243482

The football coach at a Midwestern university was given a 5-yearemployment contract that paid $225,000 the first year, andincreased at an 8% uniform rate in each subsequent year. At the end of the first year's football season, the alumni demanded that the coach be fired. The alumni agreed to buy hisremaining years on the contract by paying him the equivalentpresent sum, computed using a 12% interest rate. How much will the coach receive?

Reference no: EM13243482

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