Friend normally discounts investment cash flows

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Reference no: EM131844648

Jeremy Fenloch borrowed some money from his friend and promised to repay him $1,230, $1,380, $1,450, $1,630, and $1,590 over the next five years. If the friend normally discounts investment cash flows at 9.0 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.)

Present value

Reference no: EM131844648

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