Your mother has an annuity that will give her monthly payments for 14 years. She tell you it is worth $124357 today. If her required return is 11.56%, what is the monthly payment?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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QUESTION 8
Your mother has an annuity that will give her monthly payments for 14 years. She tell you it is worth $124357 today. If her required return is 11.56%, what is the monthly payment?
Transcribed Image Text:QUESTION 8 Your mother has an annuity that will give her monthly payments for 14 years. She tell you it is worth $124357 today. If her required return is 11.56%, what is the monthly payment?
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