Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 67

Solve the following application problem using 360-day years where applicable.
James Booker signs an employment contract that guarantees him $35,000 at the end of each year for 3 years when he retires in 4 years. If funds earn 8% per year, find the present value needed today to meet the eventual payment stream. __________