Your grandmother will be gifting you $150 at the end of each month for four years while you attend college. At an annual discount rate of 3.7 percent, what are these payments worth to you on the day you enter college? A. $6, 201.16 B. $ 6,539.14 C. $6,608.87 D. $6,682.99 E. $6,870.23

Your grandmother will be gifting you $150 at the end of each month for four years while you attend college. At an annual discount rate of 3.7 percent, what are these payments worth to you on the day you enter college? A. $6, 201.16 B. $ 6,539.14 C. $6,608.87 D. $6,682.99 E. $6,870.23

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.18E

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Question

Your grandmother will be gifting you $150
at the end of each month for four years
while you attend college. At an annual
discount rate of 3.7 percent, what are
these payments worth to you on the day
you enter college? A. $6, 201.16 B. $
6,539.14 C. $6,608.87 D. $6,682.99 E.
$6,870.23

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