Homework Help: math

Posted by Amanda on Monday, November 26, 2012 at 1:05pm.

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 - Reiny, Monday, November 26, 2012 at 1:18pm
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

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