Homework Help: math

Posted by Amanda on Friday, November 23, 2012 at 11:34pm.

Find the present value of $31,000 due in 4 yr at the given rate of interest.

(a) 6%/year, compounded quarterly

$ ?

(b) 3%/year, compounded quarterly

$ ?

math - Tiff, Saturday, November 24, 2012 at 12:15am
Its been awhile but here you go:
(a)53320
31000*.06=1860
1860*12 (12 is 3 quarter per year for 4 years)=22320
31000+22320=53320

(b)34720
31000*.03= 930
930*4=3720
31000+3720=34720

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