Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a savings account, and you expect that in 9 years you'll have $6,244 saved in it. If the discount rate is 4%, what

You have a savings account, and you expect that in 9 years you'll have $6,244 saved in it. If the discount rate is 4%, what is the present value of that account?

Enter your answer in terms of dollars, without the dollar sign or commas, and rounded to the nearest cent. That is, for example, if your answer is $ 1,628.8934, then enter 1628.89

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Financial Management Fundamentals

Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao

1st Edition

0324015771, 9780324015775

More Books

Students also viewed these Finance questions