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You just settled an insurance claim. The settlement calls for increasing payments over a 5-year...

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Finance

You just settled an insurance claim. The settlement calls for increasing payments over a 5-year period. The first payment will be paid one year from now in the amount of $30,000. The following payments will increase by 6% annually. What is the value of this settlement to you today if you can earn 8.5% on your investments? (Show each step: ie., PV, N, I/Y, PMT and FV, time line is not necessary)

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