If the appropriate annual discount rate is 5 what is the


Ms. Naperville expects to receive a series of payments of $12,000 per year for 49 years. However, the first payment is not scheduled to be made to her until the end of year 14 (and the last payment will be made at the end of year 62). If the appropriate annual discount rate is 5%, what is the present value of this deferred annuity?

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Finance Basics: If the appropriate annual discount rate is 5 what is the
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