The local home improvement store has a washing machine on sale for $1,415, with the payment...
The local home improvement store has a washing machine on sale for $1,415, with the payment due in 1year from today. the store is willing to discount the price at an annual rate of 10 percent (compounded annually) if you pay today. What is the amount if you pay for the washing machine today?
Homework Answers
Price paid for washing machine in 1 year (Future Value)
= 1415
annual rate (i)= 10%
Time (n)= 1
Present value= Future Value/(1+i)^n
1415/(1+10%)^1
$1,286.36
So amount paid today is $1,286.36
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