Saturday
October 25, 2014

Homework Help: Math: Present Value

Posted by Anonymous on Sunday, January 11, 2009 at 12:11pm.

Please help me with the following problem. I'm not able to get the right answer! Please provide a full solution that I can follow... thank you.

How much money should be invested now at 7% to obtain $9,000 in 5 years if interest is compounded:

a) Quarterly
b) Continuously

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My work:

a)
B = 9000(1 + (0.07/4)^20
B = 12 733

b)
B(5) = 9000e^0.07
B(5) = 0652.57

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Textbook answer:
a) $6 361.42
b) $6 342.19

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