Present value; multiple, unequal amounts
Response to the following problem:
Determine the combined present value as of December 31, 2016, of the following four payments to be received at the end of each of the designated years, assuming an annual interest rate of 8%.
|
Payment
|
Year Riceived
|
|
$5,000
|
2017
|
|
6,000
|
2018
|
|
8,000
|
2020
|
|
9,000
|
2022
|