SOLUTION: determine the present value you must invest to have a future value of $8,500 when the simple interest rate is 7% for 3 years
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Question 324342: determine the present value you must invest to have a future value of $8,500 when the simple interest rate is 7% for 3 years
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+r)^n
P=A/((1+r)^n)
P=8500/((1.07)^3)
P=8500/1.225
P=6938.78
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