Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can someone help! Find the amount that should be set aside today to yield the desired future amount. Use the table. Future amount Interest Compounding
can someone help!
Find the amount that should be set aside today to yield the desired future amount. Use the table. Future amount Interest Compounding Investment needed rate period time $3,000 3% semiannually 4 years Click here to view page 1 of the table. Click here to view page 2 of the table. The amount that should be set aside today is $. (Round to the nearest cent as needed.) Present value of $1.00 (page 1) Rate per period Periods 1% 1.5% 2% 2.5% 3% 1 0.99010 0.98522 0.98039 0.97561 0.97087 2 0.98030 0.97066 0.96117 0.95181 0.94260 3 0.97059 0.95632 0.94232 0.92860 0.91514 4 0.96098 0.94218 0.92385 0.90595 0.88849 5 0.95147 0.92826 0.90573 0.88385 0.86261 6 0.94205 0.91454 0.88797 0.86230 0.83748 7 0.93272 0.90103 0.87056 0.84127 0.81309 8 0.92348 0.88771 0.85349 0.82075 0.78941 9 0.91434 0.87459 0.83676 0.80073 0.76642 10 0.90529 0.86167 0.82035 0.78120 0.74409 11 0.89632 0.84893 0.80426 0.76214 0.72242 12 0.88745 0.83639 0.78849 0.74356 0.70138 13 0.87866 0.82403 0.77303 0.72542 0.68095 14 0.86996 0.81185 0.75788 0.70773 0.66112 15 0.86135 0.79985 0.74301 0.69047 0.64186 16 0.85282 0.78803 0.72845 0.67362 0.62317 17 0.84438 0.77639 0.71416 0.65720 0.60502 18 0.83602 0.76491 0.70016 0.64117 0.58739 19 0.82774 0.75361 0.68643 0.62553 0.57029 20 0.81954 0.74247 0.67297 0.61027 0.55368 Present value of $1.00 (page 2) Rate per period Periods 4% 5% 6% 8% 10% 1 0.96154 0.95238 0.94340 0.92593 0.90909 2 0.92456 0.90703 0.89000 0.85734 0.82645 3 0.88900 0.86384 0.83962 0.79383 0.75131 4 0.85480 0.82270 0.79209 0.73503 0.68301 5 0.82193 0.78353 0.74726 0.68058 0.62092 6 0.79031 0.74622 0.70496 0.63017 0.56447 7 0.75992 0.71068 0.66506 0.58349 0.51316 8 0.73069 0.67684 0.62741 0.54027 0.46651 9 0.70259 0.64461 0.59190 0.50025 0.42410 10 0.67556 0.61391 0.55839 0.46319 0.38554 11 0.64958 0.58468 0.52679 0.42888 0.35049 12 0.62460 0.55684 0.49697 0.39711 0.31863 13 0.60057 0.53032 0.46884 0.36770 0.28966 14 0.57748 0.50507 0.44230 0.34046 0.26333 15 0.55526 0.48102 0.41727 0.31524 0.23939 16 0.53391 0.45811 0.39365 0.29189 0.21763 17 0.51337 0.43630 0.37136 0.27027 0.19784 18 0.49363 0.41552 0.35034 0.25025 0.17986 19 0.47464 0.39573 0.33051 0.23171 0.16351 20 0.45639 0.37689 0.31180 0.21455 0.14864Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started