Present value. A promissory note will pay $60,000 at maturity 6 years from now. How much should you be willing to pay for the note now if money is worth 6.25% compounded continuously? $_____ (Round to the nearest dollar.)

Present value. A promissory note will pay $60,000 at maturity 6 years from now. How much should you be willing to pay for the note now if money is worth 6.25% compounded continuously? $_____ (Round to the nearest dollar.)

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section5.3: The Natural Exponential Function

Problem 8E

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Present value. A promissory note will pay $60,000 at maturity 6
years from now. How much should you be willing to pay for the note now if money is worth 6.25% compounded continuously?

$_____

(Round to the nearest dollar.)

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