A local magazine is offering a $5,000 grand prize to one lucky winner.The prize will be paid in five annual payments of $1,000 each, starting one year after the drawing.How much would this prize be worth to you if you can earn 8 percent on your money?
A) $ 4,823.45
B) $ 4,622.88
C) $ 3,992.71
D) $ 4,312.13
E) $ 3,312.13
Correct Answer:
Verified
Q61: A preferred stock offers a rate of
Q62: Standards Life Insurance offers a perpetuity that
Q63: Round House Furniture offers credit to its
Q64: At the end of this month, Les
Q65: What is the value today of $3,600
Q67: You plan to save $200 a month
Q68: Anne plans to save $40 a week,
Q69: A preferred stock pays an annual dividend
Q70: Kristina started setting aside funds three years
Q71: First Bank offers personal loans at 7.7
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents