Several salary surveys indicate that accountants who hold the Certified Public Accountant designations earn on the average $9000 more than their noncertified counterparts. If this certification raises your average salary by $ 9000 over 40-year working life and money costs you 8 percent, how much is this certification worth today ? (Assume year-end cash flows).
Cash flows?
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Reply:$107,321.52
Just use a financial calculator and solve for PV using the following:
FV=0
NP = 40
PMT = 9000
IR =8%
Payment at end of period.
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