دانشکده مدیریت و اقتصاد دانشگاه صنعتی شریف

The present value of the perpetuity assuming that payments begin at the end of the year is: $100,000/.095 = $1,052,631.58. If the payments begin immediately, you need to add the first payment. $100,000 + 1,052,632 = $1,152,632. So the annuity has a PV which is greater than the lump sum by $152,632. ................
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