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What is the present value of this donation

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QUESTION - A rich donor gives a hospital $100000 one year from today. Each year after that, the hospital will receive a payment 6% larger than the previous payment, with the last payment occurring in 8 years' time. What is the present value (PV) of this donation, given that the interest rate is 8%? Note: Express your answers in strictly numerical terms. For example, if the answer is 5%, enter 0.05 as an answer.

Reference no: EM133020893

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