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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 - ,

    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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