Present Value What is the present value of a $3,100 deposit in year 2 and another...
Present Value What is the present value of a $3,100 deposit in year 2 and another $3,600 deposit at the end of year 6 if interest rates are 7 percent?
Homework Answers
Answer:
Deposit in Year 2 = $3,100
Deposit in Year 6 = $3,600
Interest Rate = 7%
Present Value = $3,100 / 1.07^2 + $3,600 / 1.07^6
Present Value = $2,707.66 + $2,398.83
Present Value = $5,106.49
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