On the anniversary of the last payment

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A rich aunt has promised you $6,000 one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is 2% larger than the last payment. She will continue to show this generosity for 20 years, giving a total of 20 payments. If the interest rate is 9%, what is her promise worth today?

Reference no: EM131049114

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