SOLUTION: Determine the present value P you must invest to have the future value A at simple interst rate r after time t.
A= $2000.00 r= 15.0% t= 9 months $________
Please help
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Question 321640: Determine the present value P you must invest to have the future value A at simple interst rate r after time t.
A= $2000.00 r= 15.0% t= 9 months $________
Please help
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Determine the present value P you must invest to have the future value A at simple interst rate r after time t.
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A(t) = P(1+rt)
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A= $2000.00 r= 15.0% t= 9 months
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2000 = P(1+0.15*(3/4))
2000 = P(1+0.1125)
P = 2000/1.1125
P = $1797.75
___
Cheers,
Stan H.
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