SOLUTION: Please Help: Find the present value of the future amount. Assume 365 days in a year. Round to the nearest cent. $13,000 for 9 months; money earns 9.4% A) $11,883.00 B) $12,

Question 201921: Please Help:
Find the present value of the future amount. Assume 365 days in a year. Round to the nearest cent.
$13,000 for 9 months; money earns 9.4%
A) $11,883.00
B) $12,143.86
C) $12,233.38
D) $12,906.00

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
first find the interest rate for nine months since 9.4% is for a full year.
(.094/12)(9)=.0705 interest for 9 mo.
13000 is 1.0705 of present value
13000/1.0705=12143.86
answer B
RELATED QUESTIONS
Find the present value of the future amount. Assume 365 days in a year. Round to the... (answered by rfer)

Please Help: Find the present value of the future amount. Assume 365 days in a year.... (answered by rfer)

can someone help please: Find the present value of the future amount. Assume 365 days... (answered by checkley77)

Can someone help me with this problem: Find the present value of the future amount.... (answered by jojo14344)

can someone please, please, please help me with this problem: Find the proceeds.... (answered by vleith)

Please Help: Find the proceeds. Assume 365 days in a year. Round to the nearest cent. (answered by rfer)

Calculate, to the nearest cent, the future value of an investment of $10,000 at... (answered by checkley77)

Melanie places $6,000 into an account that earns 4% interest compounded daily.... (answered by Theo)