SOLUTION: Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time.
15 years, at 4.3% per year, compounded quart
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Question 1109851: Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time.
15 years, at 4.3% per year, compounded quarterly
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time.
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15 years, at 4.3% per year, compounded quarterly
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15 years = 60 quarters.
4.3% per yr = 4.3/4 % per quarter --> 0.01075/quarter
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FV = PV*(1 + r)^t
1000 = PV*(1.0175)^60
PV = 1000/(1.0175)^60
Just calculator work now.
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