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6: Proficient-level: Compute the present value of a $850 payment made in 10 years when the discount rate is 12 percent (Cornett, Adair, & Nofsinger,

6: Proficient-level: "Compute the present value of a $850 payment made in 10 years when the discount rate is 12 percent" (Cornett, Adair, & Nofsinger, 2016, p. 96). Recalculate the present value, using an 11-percent discount rate, and again, using a 13-percent discount rate.

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