math
posted by Amanda on .
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
$ ?

a) i = .06/4 = .015
n = 4(4) = 16
PV = 31000(1.015)^16
= 24428.96
b) try it using the same steps as above
let me know what you get