Today,the Future Trust Co.purchased an investment that will pay $6,000 at the end of 5 years.Every year thereafter,the payment will increase by 1.6 percent.What is the value of this investment today if the required rate of return is 7.4 percent?
A) $62,300.00
B) $73,894.23
C) $65,647.81
D) $77,751.03
E) $83,984.23
Correct Answer:
Verified
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