SOLUTION: Can someone help me with this problem: Find the present value of the future amount. Assume 365 days in a year. Round to the nearest cent. $23,749 for 107 days; money earns 8.

Algebra ->  Equations -> SOLUTION: Can someone help me with this problem: Find the present value of the future amount. Assume 365 days in a year. Round to the nearest cent. $23,749 for 107 days; money earns 8.      Log On


   

Question 203888: Can someone help me with this problem:
Find the present value of the future amount. Assume 365 days in a year. Round to the nearest cent.
$23,749 for 107 days; money earns 8.5%
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!


Given: system%28F=23749%2Ci=0.085%2Cn=107%2F365%2C+highlight%28m=1%29%29

*See highlighted, since it is not given how many times it is compunded in a year, we'll based compounded annually.

F=P%281%2Bi%2Fm%29%5E%28mn%29 --->

P = $23,187.80 (Answer)

Thank you,
Jojo