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Using the following partial table of present value of $1 at compound interest, the present value of $15,000 to be received 3 years hence with
Using the following partial table of present value of $1 at compound interest, the present value of $15,000 to be received 3 years hence with earnings at the rate of 6% a year is
Year | 6% | 10% | 12% |
1 | 0.943 | 0.909 | 0.893 |
2 | 0.890 | 0.826 | 0.797 |
3 | 0.840 | 0.751 | 0.712 |
4 | 0.792 | 0.683 | 0.636 |
a.$12,600
b.$11,880
c.$13,350
d.$11,265
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