A court-ordered award for family support calls for payments of $800 per month for five years, followed by payments of $1,000 per month for 10 more years. If money is worth 6% compounded monthly, what is the economic value of the award one month before the first payment?

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The Answer of A court-ordered award for family support calls for payments of $800 per month for five years, followed by payments of $1,000 per month for 10 more years. If money is worth 6% compounded monthly, what is the economic value of the award one month before the first payment?

A Court-Ordered Award for Family Support Calls for Payments of $800