Find the present value that will grow to $7000 if the annual interest rate is 8.5% compounded quarterly for 8 yr.

Damia Fuentes asked Jun 5, 2023

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Damia Fuentes asked Jun 5, 2023

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26 votes

Answer:

Present value is $13,444.2

Explanation:

${ \rm{A=P(1 + (r)/(100)) {}^(n) }} \\ \\ { \rm{A = 7000(1 + (8.5)/(100)) {}^(8) }} \\ \\ { \rm{A = 13444.2}}$

Valerio Bozz answered Jun 10, 2023

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