Consider the following future value. (Round your answers to the nearest cent.) $1,000 at 8% compounded...
Consider the following future value. (Round your answers to the nearest cent.)
$1,000 at 8% compounded annually for 7 years
(a) Find the present value that will generate the given future
value.
$ ...
(b) Interpret the present value.
One would have to invest $ ... now to have the future value in the given time.
Homework Answers
FV = PV*(1+r)^n
1000 = PV*(1+0.08)^7
1000 = PV*1.71382427
PV= 1000/ 1.71382427
= $583.49
Hence one would have to invest $ 583.49 now to have the future value of $1000 at the given time of 7 years at 8% interest rate.
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