Problem 5.24

Find the present value of $4,100 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.

Present value

$

b. 6.6 percent compounded quarterly for eight years.

Present value

$

c. 4.3 percent compounded daily for four years.

Present value

$

d. 5.7 percent compounded continuously for three years.

Present value

$