The following payment plan has a present value of $119,000 : $29,000 today, $27,000 at the end of the first year, $15,000 at the end of the second year, and $X at the end of the third year. The rate of interest is 6.70% per year. How much is X?
Question 6Answer
a.
$42,411
b.
$90,157
c.
$62,585
d.
$51,520
e.
$58,309