What is the present worth of his retirement at age fifty one, Finance Basics

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What is the present worth of his retirement at age fifty one

Problem

At age 51 Professor Butler retired from the Navy Reserve. His retirement pay is 20,000 per year from age 60 until his anticipated death at age 90. If we assume a 3% rate of annual interest, what is the present worth of his retirement at age 51?

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Finance Basics: What is the present worth of his retirement at age fifty one

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