cwilli23 cwilli23

15-07-2017
Mathematics

contestada

find the present value that will grow to $7000 if the annual interest rate is 3.5% compounded quarterly for 9 uears

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Sadiaimtiaz1 Sadiaimtiaz1

15-07-2017

PV=FV/(1+i)^t

FV=7000, i=3.5%=0.035,t=9

put everything in the formula
PV=7000/(1+0.035)^9
PV=$5136.12

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