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Posted on Sep 20, 2024

Louis knows that when he graduates from York University in 4 years time, he will receive $ 1 0 0 0 0 from his great

Louis knows that when he graduates from York University in $4$ years time, he will

receive $ $10 000$ from his great grandmother, Elizabeth. However, he needs

money today to pay his tuition. If the simple discount rate is $5 %$ p $.$ a $.,$ how much

money will the present value of $ $10 000$ provide to pay his bills today?

ANSWER: $ $8000$

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