Present value of consulting contract, Accounting Basics

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Present value of consulting contract

Problem:

Les Moore retired as president of XYZ Company but is currently on a consulting contract for $55,000 per year for the next 10 years.

Required:

Question: If Mr. Moore's opportunity cost (potential return) is 10 percent, what is the present value of his consulting contract?

Note: Please show guided help with steps and answer.

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Accounting Basics: Present value of consulting contract

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Accounting Basics: Present value of consulting contract

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