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How much is the lump sum value of the five payments

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Reference no: EM132768402

Question - An insurance company is offering a new policy to its customers. The detail of the policy is as follows. The purchaser makes the following five payments to the company.

First year $500

Second year $600

Third year $700

Third year $700

Fourth year $800

Fifth year $900

Assume that the interest rate is 5%. How much is the lump sum value of the five payments as of today?

Reference no: EM132768402

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