Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.] (Round your answer to the nearest cent.) PV = $ 12 years, at 2% per year, compounded annually

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.] (Round your answer to the nearest
cent.)
PV = $
12 years, at 2% per year, compounded annually
Transcribed Image Text:Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.] (Round your answer to the nearest cent.) PV = $ 12 years, at 2% per year, compounded annually
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