Solved: Before World War I, the British government issued what are called consols, which
Chapter 0, Problem 81(choose chapter or problem)
Before World War I, the British government issued what are called consols, which pay the owner or his heirs a fixed amount of money every year forever. (Cartoonists of the time described aristocrats living off such payments as “pickled in consols.”) What should a person expect to pay for consols which pay \(£ 10\) a year forever? Assume the first payment is one year from the date of purchase and that interest remains 4% per year, compounded annually. (\(£\) denotes pounds, the British unit of currency.)
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