Homework Answers
FV = 1210
Nper = 8 * 4 = 32
Rate = 7% / 4 = 1.75%
PMT =0
Present value can be calculated by using the following excel
formula:
=PV(rate,nper,pmt,fv)
=PV(1.75%,32,0,-1210)
= $694.52
Amount must be invested now = $694.52
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