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math

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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 - ,

    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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