A contract requires end-of-month payments of $175 for another 8¼ years. What would an investor pay to purchase this contract if she requires a rate of return of 6% compounded monthly?

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The Answer of A contract requires end-of-month payments of $175 for another 8¼ years. What would an investor pay to purchase this contract if she requires a rate of return of 6% compounded monthly?

A Contract Requires End-Of-Month Payments of $175 for Another 8¼