Calculate, to the nearest cent, the present value 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.] 7 years, at 1.2% per year, compounded weekly (52 times per year)

Calculate, to the nearest cent, the present value 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.] 7 years, at 1.2% per year, compounded weekly (52 times per year)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 15PROB

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Question

Calculate, to the nearest cent, the present value 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.]

7 years, at 1.2% per year, compounded weekly (52 times per year)

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