PV of Multiple Cash Flows: Jack Stuart Has Loaned Money

question 48

Multiple Choice

PV of multiple cash flows: Jack Stuart has loaned money to his brother at an interest rate of 5.75 per cent. He expects to receive $625, $650, $700, and $800 at the end of the next four years as complete repayment of the loan with interest. How much did he loan out to his brother? (Round to the nearest dollar.)

• A) $2,713
• B) $2,250
• C) $2,404
• D) $2,545

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