Your friend offers to pay you an annuity of $3,200 at the end of each...
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Accounting
Your friend offers to pay you an annuity of $3,200 at the end of each year for 3 years in return for cash today. You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity?
Select the correct answer.
a. $8,637.39
b. $8,645.39
c. $8,641.39
d. $8,649.39
e. $8,633.39
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