Question
Find the present value of $3,600 under each of the following rates and periods: (Use 365 days for calculation. If you solve this problem with
Find the present value of $3,600 under each of the following rates and periods: (Use 365 days for calculation. If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.)
a. 8.9 percent compounded monthly for five years. Amount Required to be invested $
b. 6.6 percent compounded quarterly for eight years. Amount Required to be invested $
c. 4.3 percent compounded daily for four years. Amount Required to be invested $
d. 5.7 percent compounded continuously for three years. Amount Required to be invested $
Samantha plans to invest some money so that she has $3,300 at the end of three years. How much should she invest today given the following choices? (Use 365 days for calculation. If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.)
a. 4.2 percent compounded daily. Amount required to be invested $
b. 4.9 percent compounded monthly. Amount required to be invested $
c. 5.2 percent compounded quarterly. Amount required to be invested $
d. 5.4 percent compounded annually. Amount required to be invested $
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