If money can be invested at 4.4% compounded quarterly, which is larger, $8177 now or $11,000 in 7 years? Use present value to decide. The present value of $11,000 in 7 years is $ therefore it is better to take $8177 now. (Do not round until the final answer. Then round to the nearest cent as needed.)
If money can be invested at 4.4% compounded quarterly, which is larger, $8177 now or $11,000 in 7 years? Use present value to decide. The present value of $11,000 in 7 years is $ therefore it is better to take $8177 now. (Do not round until the final answer. Then round to the nearest cent as needed.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 27P
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