Question
Asked Nov 18, 2019
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Find the present value of $30,000 due in 6 years at an interest rate of 8%/year compounded monthly.

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Expert Answer

Step 1

Given:

Find the present value of $30,000 due in 6 years at an interest rate of 8%/year compounded monthly.

Step 2

Formula used:

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A Present value 1+ n A amount due r rate of interest n= number of compounding period t = time in years.

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Step 3

In this ca...

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A = $30000 r = 8%. n monthly t = 6 years

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Tagged in

Math

Algebra