SOLUTION: $7,000 dollars 10 years from now at 7% is worth how much today? Answer = 3558

Question 1052056: $7,000 dollars 10 years from now at 7% is worth how much today?
Answer = 3558
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
I assume you mean 7% per year?
If so, the formula is
PV = (C_1)/(1+r^t)
PV = 7,000/(1+0.07^10) Use your calculator to get the answer

Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!

$7,000 dollars 10 years from now at 7% is worth how much today?
Answer = 3558

Never in a million years will give you $3,558, as one person has claimed.
However, the correct equation for PV (Present Value) will give: $3,558.45, which when rounded down, gives: $3,558.
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