FINANCE 301- The prize is 20 consecutive annual payments of 50,000 the first amount The prize is 20 consecutive annual payments of 50,000 the first amount to be made one year from today. As the extra bonus, the fifth payment, and only the fifth payment, includes an extra amount of 10,000 so that the amount received at the end of the year 5 is 50,000. Calculate the present value assuming an interest rate of 5%
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