What is the current value of a security that pays $500 per year for 7 years if similar investments now earn 12%

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
Section: Chapter Questions
Problem 1CQQ
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What is the current value of a security that pays $500 per year for 7 years if similar investments now earn 12%

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