A bank loan money at 7% interest for five years to stew the long will be...
Homework Answers
FV = PV (1+r)^n
Where r is int rate per anum
n is time period
FV = PV (1+r)^n
3360612 = PV (1+0.07)^5
3360612 = PV (1.07)^5
3360612 = PV * 1.4026
PV = 3360612 / 1.4026
= $ 2,396,070
Pls comment, if any further assistance is required.
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