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Find the present value of the additional earnings

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Tom purchases a study manual and a subscription to ADAPT to make sure he passes Exam 2/FM. Tom expects to spend 300 hours studying for the exam. For passing the exam, Tom anticipates he will earn an additional $100 per month payable at the end of each month. The first payment is made 7 months from today. Tom plans to retire exactly 38 years from today.

Using 6% effective annual interest, find the present value of the additional earnings per hour of studying if Tom passes.

Reference no: EM132420654

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