SOLUTION: present value of 29,000 if interest is 9% compounded quarerly for 17 quarters

Question 296137: present value of 29,000 if interest is 9% compounded quarerly for 17 quarters
Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=29000(1+.09/4)^17
A=29000*1.45974294
A=$42,332.55
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
present value of 29,000 if interest is 9% compounded quarerly for 17 quarters

Since we're looking for the present value, we use the present value formula, or

P = , where

P = present value ; A = future value = $29,000

i = interest rate = .09 ; m = periods per year = 4

mt = amount of compounding periods = 17

P = -------> P =

P = ------> P =

P = -------> P = 19866.51156, or $19,866.51

Therefore, P, or present value of $29,000 at 9% for 17 quarters = $
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