Chapter 4
Chapter 4
Chapter 4
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Mathematical Solution:PV = PMT (PVIFA i, n )PV = 1,000 (PVIFA .08, 3 ) (use PVIFA table, or)1PV = PMT 1 - (1 + i) ni1PV = 1000 1 - (1.08 ) 3 = $2,577.10.08