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Find the lump sum that can be deposited today

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Q1. You have been assigned to work in Timbuktu. If you work there for 10 years, you will receive a bonus of $22,000 at the end of each quarter for the next 9 years (once you've finished your 10 years). Assume 21% compounded quarterly. How much does your firm need to deposit at the start of year 11 in order to satisfy the contract?

a. $352,632.40

b. $352,362.40

c. $352,263.40

d. $352,623.40

Q2. You have been assigned to work in Timbuktu. If you work there for 10 years, you will receive a bonus of $22,000 at the end of each quarter for the next 9 years (once you've finished your 10 years). Assume 21% compounded quarterly. Find the lump sum that can be deposited today to satisfy the contract.

a. $45,544.72

b. $45,554.72

c. $45,454.72

d. $45,445.72

Reference no: EM133077640

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