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# (In some of the exercises that follow, we must | Ch 9.4 - 4E

ISBN: 9780321923271 41

## Solution for problem 4E Chapter 9.4

Probability and Statistical Inference | 9th Edition

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Probability and Statistical Inference | 9th Edition

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Problem 4E

Show that the cross-product terms formed from

and sum each term in the inner summation, as grouped here, to get zero.

Step-by-Step Solution:
Step 1 of 3

Personal Finance Time Value of Money ­ $1 today is worth more than$1 in the future 3 main reasons to take money today (RIO) ­ Risk: may not receive money ­ Inflation: increase in general price level ­ Opportunity cost: can do things with \$1 today Types of Problems ­ Future Value (lump sum) ­ Present Value (lump sum) ­ Annuities and loan payments o Constant streams of cash flow (per month, per year) ­ Future value of Annuities ­ Present value of Annuities ­ Perpetuities *Lump sum: 1­time investment of cash The Chart N= # of periods I= Interest rate PMT= payments PV= Present Value FV= Future Value END/BGN= on the calculator On TI­84 calculator­ press apps  TVM solver  Alpha enter You can als

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(In some of the exercises that follow, we must | Ch 9.4 - 4E