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

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

asked
User Tomcheney
by
8.9k points

1 Answer

9 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}}

answered
User Atirag
by
8.6k points
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