The present value of a sum of money is the amount that must be invested now, at a given rate of interest, to produce the desired sum at a later date. Find the present value of $10,000 if interest is paid at a rate of 5% per year, compounded weekly, for 4 years. (Round your answer up to the nearest cent.

The present value of a sum of money is the amount that must be invested now, at a given rate of interest, to produce the desired sum at a later date. Find the present value of $10,000 if interest is paid at a rate of 5% per year, compounded weekly, for 4 years. (Round your answer up to the nearest cent.

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section: Chapter Questions

Problem 22T

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