You just settled an insurance claim. The settlement calls for increasing payments over a seven-year period. The first payment will be paid one year from now in the amount of $8,000. the following payments will increase by 5% annually. What is the value of this settlement to you today if you can earn 7% on your investments?
FORMAT TO AT LEAST 6 DECIMAL PLACES
31,063.79
36,408.28
57,811.54
49,491.43
45,785.85