A financial company that advertises on television will pay you $64,000 now for annual payments of $9,100 that you are expected to receive for a legal settlement over the next 8 years. Assume you estimate the time value of money at 11 percent.
Use the appropriate time value of money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D].
(a) What is the present value?
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