A relative has promised to pay you 8500 today how much


A relative has promised to pay you $85.00 today, and he will pay you additional payments every year for the next five years. Each year he will add $54.00 to the previous payment. (So, the payment in year 1 will equal $139.00). You decide to save every dollar you are given and will invest the money in an account paying 5.00% annual interest. How much money will you have accumulated in five years? Keep in mind that you will have six total cash flows to invest.

Request for Solution File

Ask an Expert for Answer!!
Financial Management: A relative has promised to pay you 8500 today how much
Reference No:- TGS02424004

Expected delivery within 24 Hours