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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
BuyFind

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

Solutions

Chapter
Section
Chapter 14.1, Problem 1QQ
Textbook Problem
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The interest rate is 7 percent. What is the present value of $150 to be received in 10 years?

Expert Solution
To determine
Thepresent value of money.

Explanation of Solution

The present value of money can be calculated as follows:

Present value=Future value(1+Interest)Time period=

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