SOLUTION: Find the present value of $60,000 due in 4 yr at the given rate of interest. (Round your answer to the nearest cent.) 12%/year compounded quarterly

SOLUTION: Find the present value of $60,000 due in 4 yr at the given rate of interest. (Round your answer to the nearest cent.) 12%/year compounded quarterly

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Question 221168: Find the present value of $60,000 due in 4 yr at the given rate of interest. (Round your answer to the nearest cent.)
12%/year compounded quarterly
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
P=A/(1+.12/4)^4*4
P=60000/(1.03)^16
P=60000/(1.6047)
P=$37390.17
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