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What is the present value of the inheritance today

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Problem 1: Norma Jean is eighteen. She will receive a one-million-dollar inheritance when she turns twenty-one. The interest rate is 3%. What is the present value of the inheritance today?

Option 1: $839,619.28
Option 2: $863,837.60
Option 3: $915,141.66
Option 4: none of the above

Reference no: EM132828314

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