Find the present value of the given future payment at the specified interest rate. $5000 due in 40 years at 5% compounded annuallyThe present value is approximately $.
Find the present value of the given future payment at the specified interest rate. $5000 due in 40 years at 5% compounded annuallyThe present value is approximately $.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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Question
Find the present value of the given future payment at the specified interest rate.
$5000 due in 40 years at 5% compounded annuallyThe present value is approximately
$.
What nominal rate of interest, compounded monthly, corresponds to an effective rate of
6%?
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