Question
1. a debt of Php 10,000 is due on January 20, 2021. What was the value of this debt on September 20, 2017 at 5%
1. a debt of Php 10,000 is due on January 20, 2021. What was the value of this debt on September 20, 2017 at 5% invested monthly
I got
Present Value=Future Value/(1+r/m)^(m*n)
=10000/(1+5%/12)^(12*3+4)=8467.74879013191
why is it raised to 12*3+4??? is this correct?
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Contemporary Economics An Applications Approach
Authors: Robert Carbaugh
8th Edition
1138652199, 978-1138652194
