Brief Exercise C-11 Calculate the present value of an annuity (LOC-3) Tatsuo has just been...
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Brief Exercise C-11 Calculate the present value of an annuity (LOC-3) Tatsuo has just been awarded a four-year scholarship to attend the university of his choice. The scholarship will pay $16,000 each year for the next four years to reimburse normal school-related expenditures. Each $16,000 payment will be made at the end of the year, contingent on Tatsuo maintaining good grades in his classes for that year. Assuming an annual interest rate of 4.5%, determine the value today of receiving this scholarship if Tatsuo maintains good grades. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answer to 2 decimal places.) Present value of annuity
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