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    Time Value of Money in Personal Finance

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    After a protracted legal case Joe won a settlement that will pay him $11,000 each year at the end of the year for the next 10 year If the market interest rates are currently 5% exactly how much should the court invest today assuming end of year payment so there will be nothing left in the account after the final payment is made?

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    Periodic Payment=R=$11000
    Number of periods=n=10
    interest ...

    Solution Summary

    Solution describes the steps to calculate amount needed to invest in the given case.