Economics question A person you trust asks you to Joan them $2,000 at the end of

Question

Economics question A person you trust asks you to Joan them $2,000 at the end of year 1, $1,000 at the end of year 2, nothing in year 3, and then they will pay you $1,000 in year 4, $2,000 in year 5, and $3,000 in year 6. They note that you will pay out a total of $3,000 to them, and then they will pay back $6,000 to you, allowing you to double your money. If you make 12% per year on your investments, determine the present worth of this series of cash flows. $ Round entry to the nearest dollar. Tolerance s 4.

Explanation / Answer

Answer : $ 3326.10

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