Effective annual return of eight percent on this investment

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Reference no: EM131300175

Peter Lynchpin wants to sell you an investment contract that pays equal $12,100 amounts at the end of each year for the next 21 years.

If you require an effective annual return of 8 percent on this investment, how much will you pay for the contract today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Value today

Reference no: EM131300175

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