175k views
0 votes
Use the compound interest formula to find the present value P, for the following given values: A = $11, 200, i = 0.067, n = 120

User Ajthinking
by
8.1k points

1 Answer

4 votes

Answer:

The present value for this future value is 4.67$

Explanation:

The future value formula is given by:

F = P(1+i)^n, ==>(1 + i) to the power n

By rearranging it for present value and substituting the values, we get 4.67 as our final answer

User Thomas Q
by
9.1k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories