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  3. can you please explain how to get 7.10782 on this

can you please explain how to get 7.10782 on this question? ...

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Accounting

can you please explain how to get 7.10782 on this question?

Investment X offers to pay you $5,500 per year for nine years, whereas Investment Y offers to pay you $8,000 per year for five years. please help me understand how to get 7.10782

I am using the formula PV=FV1/1+r. thanks

a.

Calculate the present value for Investments X and Y if the discount rate is 5 percent. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

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