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What is the maximum amount Candy should pay

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Question - Candy is looking to buy a fixed interest investment. She has found one that pays interest of $500 each year (fixed) for 3 years. If the current interest rates for a similar investment are 4% per annum (compounding annually), what is the maximum amount Candy should pay for this investment? Hint: calculate the present value of this investment.

Reference no: EM132995233

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