Question 296137: present value of 29,000 if interest is 9% compounded quarerly for 17 quarters
Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322)   (Show Source):
Answer by MathTherapy(10552)  (Show Source):
You can put this solution on YOUR website! present value of 29,000 if interest is 9% compounded quarerly for 17 quarters
Since we're looking for the present value, we use the present value formula, or
P =  , where
P = present value ; A = future value = $29,000
i = interest rate = .09 ; m = periods per year = 4
mt = amount of compounding periods = 17
P = -------> P = 
P =  ------> P = 
P =  -------> P = 19866.51156, or $19,866.51
Therefore, P, or present value of $29,000 at 9% for 17 quarters = $
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