Streisand signed a recording contract

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Reference no: EM13850216

Around January 1, 1993, Barbara Streisand signed a recording contract with Sony Corporation for $2 million each year for 10 years. Suppose the first payment of $2 million was made on the day of signing the deal and all other payments to her were

made on the first day of each subsequent year. Suppose all payments were directed into her bank account earning 4% a year, compounded semi-annually.

i) Assuming she never made any withdrawals from the account, how much money was in er account on the day the last payment was made? (Be sure to use the formula for inding sum of a series, geometric series/arithmetic series.) ii) What was the present discounted value of the recording contract to her the day it was igned? (Be sure to use the formula for finding sum of a series, geometric series/arithmetic series

Reference no: EM13850216

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