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Advanced MathContemporary Mathematics for Business & ConsumersCount Gustav wants to renovate his castle in Boulogne in 3 years. He estimates the cost to be $3,000,000. Use Table 11-2 to find how much Count Gustav must invest now at 8 % interest compounded quarterly to have $3,000,000, 3 years from now.BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 11.II, Problem 6TIE

Textbook Problem

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Count Gustav wants to renovate his castle in Boulogne in 3 years. He estimates the cost to be $3,000,000. Use Table 11-2 to find how much Count Gustav must invest now at

Expert Solution

To determine

**To calculate:** The amount Count Gustav must invest now at

**Given information:**

The compound Amount is

The interest rate is

The period is

**Formula used:**

Steps for using the present value table:

Step I: Scan across the top row to find the interest rate per period.

Step II: Look down that column to the row corresponding to the number of periods.

Step III: The table factor found at the intersection of the rate-per-period column and the number-of-periods row is the present value of

Present Value:

**Calculation:**

The provided interest rate

The interest should be used as

The period will be taken as

Thus, the revised information will be as follows:

The compound amount is

Contemporary Mathematics for Business & Consumers

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