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Use the present value formula to determne the amt to be invested now, or the present value neededThe desired accumulated amt is 80,000 after 13 years investedin an account with 4.7% interest compounded monthly./The amt to be invested now, or the present value needed is___________​(Round to the nearest cent as​ needed.)

Question

Use the present value formula to determne the amt to be invested now, or the present value needed

The desired accumulated amt is 80,000 after 13 years investedin an account with 4.7% interest compounded monthly./

The amt to be invested now, or the present value needed is___________

​(Round to the nearest cent as​ needed.)
check_circleAnswer
Step 1

To calculate the present value (PV) (the amount to be invested now) which yields the desired return under the given contions 

Step 2

Formula for the prese...

PV Desired Value
(1)"
Desired Value = 80000
4.7%
= 0.00392
12
here r rate per month
n = mimber of months = 13x 12 = 156
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PV Desired Value (1)" Desired Value = 80000 4.7% = 0.00392 12 here r rate per month n = mimber of months = 13x 12 = 156

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