Question

What is the present value of $2000 received in 12 years if the interest rate is 9%? Do not use any symbol ($, *,&,...). Round your answers to the nearest one-hundredth percentage point. For example, write 124.67 for $124.67.

Answer 1

Explanation:

2000 = PV ( 1 + .09)^12 .09 is interest rate 12 is years

solve for PV

PV = 711.07