Finding Present Value In Exercises 13–16, find the present value of the income c (in dollars) over t1 years at the given annual inflation rate r.
To calculate: The present value of the income (c, in dollar) of
Given Information:
The value of income, c, is
The time period,
The rate of the annual inflation, r, is
Formula used:
The expression for the present value is written as,
Here,
Calculation:
Recall the expression of the present value.
Substitute
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