SOLUTION: Find the present value of $20,000 at 7% compounded monthly for 3 years.
a. $1,750.71
b. $16,221.58
c. $19,654.04
d. $24,658.51
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Question 56740: Find the present value of $20,000 at 7% compounded monthly for 3 years.
a. $1,750.71
b. $16,221.58
c. $19,654.04
d. $24,658.51
Answer by rcmcc(152) (Show Source): You can put this solution on YOUR website!
use the equation A=P(1+i)^n to calculate simple compound interest.
p=20 000
i=0.07/12 months in a year
n=3x12 months in a year
A=20 000(1+(.07/12))^36
A=$24,658
The answer is d.)
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