6. What is the present value of $2,625 per year at a discount rate of 8%, if the first payment is received six years from now and the last payment is received 20 years from now

PV ( in year 0 terms) = $15,291.77

Explanation:

An annuity starting in six years time  and ends 20 years from now would give 15 annual cash inflows.

The present value of such annuity would be calculated in two (2) steps as follows:

Step 1: PV of annuity (in year 5 terms)

PV of annuity (in year 5 terms)= A× (1- (1+r)^(-n) )/r

A-2,625, r- 8%, n-15

PV = 2,625, × (1- (1+0.08)^(-15))/0.08= 22,468.632

Step 2:PV ( in year 0 terms)

PV ( in year 0 terms) = FV × (1+r)^(-n)

FV- 2,468.632, r-8%, n-5

PV = 2,468.632 × 1.08^(-5) = 15,291.7731

PV ( in year 0 terms) = $15,291.77

Present Value = $15,291.77

almost done 23 out of 25

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.