SOLUTION: Can you please help me with this question? What is the present value of $1,900 discounted back 5 years if the appropriate interest rate is 6% compounded monthly? A) $1,395.01

Algebra ->  Finance -> SOLUTION: Can you please help me with this question? What is the present value of $1,900 discounted back 5 years if the appropriate interest rate is 6% compounded monthly? A) $1,395.01       Log On


   

Question 1148906: Can you please help me with this question? What is the present value of $1,900 discounted back 5 years if the appropriate interest rate is 6% compounded monthly?
A) $1,395.01
B) $1,388.21
C) $1,408.61
D) $1,401.81
E) $1,422.21
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
original is x
1900=x*(1+(0.06/12))^60
1900=18.679x
x=$1408.61
C