1) Kenneth Clark is considering an investment that pays 6.10 percent, compounded annually. How much will...
1) Kenneth Clark is considering an investment that pays 6.10 percent, compounded annually. How much will he have to invest today so that the investment will be worth $28,000 in six years?
2) Find the present value of $4,100 under each of the following rates and periods:
a. 8.9 percent compounded monthly for five years.
b. 6.6 percent compounded quarterly for eight years.
c. 4.3 percent compounded daily for four years.
d. 5.7 percent compounded continuously for three years.
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