The answer is NOT 156006 D.ompod.$14,000 each quarter for 4 years at 12% compounded monthly. IMuniny.5. What is the present value of the following series of prospective payments?a.00 a month

Answered: at 070 Compoundedrquau d. $14,000 each…

Math

Advanced Math

at 070 Compoundedrquau d. $14,000 each quarter for 4 years at 12% compounded monthly.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

The answer is NOT 156006

D.
ompo
d.
$14,000 each quarter for 4 years at 12% compounded monthly.

IMuniny.
5. What is the present value of the following series of prospective payments?
a.
00 a month

Expert Solution

Step 1

The present value and future value of a certain amount of deposit are evaluated using the formula for compound interest. In this formula, the present value is considered the principal value, and the future value is considered the total amount. When the rate of interest is $r %$ compounded $n$ times over a period of $t$ years, then,

$F V = P V {(1 + \frac{r}{n})}^{n t}$ .

This formula implies the following:

$P V = \frac{F V}{{(1 + \frac{r}{n})}^{n t}}$

The future and value and rate of interest are given.