SOLUTION: Find the present value. Round to the nearest cent. To get $10,000 after 2 years at 18% compounded monthly a. $5000.00 b. $6995.44 c. $8363.87 d. $11,956.18

Algebra ->  Expressions-with-variables -> SOLUTION: Find the present value. Round to the nearest cent. To get $10,000 after 2 years at 18% compounded monthly a. $5000.00 b. $6995.44 c. $8363.87 d. $11,956.18      Log On


   

Question 1033870: Find the present value. Round to the nearest cent.
To get $10,000 after 2 years at 18% compounded monthly
a. $5000.00
b. $6995.44
c. $8363.87
d. $11,956.18
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Find the present value. Round to the nearest cent.
To get $10,000 after 2 years at 18% compounded monthly
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FV = PV*(1 + 0.18/12)^24 = 10000
Solve for PV