Question

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

Answer 1

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