SOLUTION: Determine the present value P you must invest to have the future value. A at simple interest rate r after time t.
A-2,000 r-5.5% t-4 years
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Question 1000722: Determine the present value P you must invest to have the future value. A at simple interest rate r after time t.
A-2,000 r-5.5% t-4 years
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Determine the present value P you must invest to have the future value. A at simple interest rate r after time t.
A-2,000 r-5.5% t-4 years
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A(t) = P(1+(r/n))^(n*t)
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2000 = P(1+(0.055))^(1*4)
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2000 = P(1.2388)
P = $1614.43
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Cheers,
Stan H.
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