Smith Company has purchased a new office building.

| November 9, 2018

Smith Company has purchased a new office building. The company has agreed to pay the developer $69,000 annually for 8 years. (Use Table 2) Using present value techniques, determine the value that should be recorded for the building when it is purchased. Assume a 11 percent annual interest rate. (Round “PV Factors” to 4 decimal places and final answer to the nearest whole dollar amount.Omit the “$” sign in your response.) Present value $

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