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Calculate the present value of the contract amount

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Reference no: EM132539865

Calculate the present value of a single amount

The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Each person signs independent contracts with the following terms:

Contract Terms Contract Amount

                   Payment                Date

Derek        $490,000           2 years

Isabel         530,000          3 years

Meredith           420,000

Today George 390,000      1 year

Required:

Question 1-a. Assuming an annual discount rate of 8%, calculate the present value of the contract amount. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.)

Question 1-b. Which of the four actors is actually being paid the most?

Reference no: EM132539865

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