Given a desired Future Worth accumulation, F = $16,000, an interest rate, i=5%, and a time...
Given a desired Future Worth accumulation, F = $16,000, an interest rate, i=5%, and a time period, n=7 years, calculate the unknown Present Worth of the single deposit, P=?
Please show all work and formulas.
Homework Answers
Future value = 16000 $
Interest rate = 5%
Time or N = 7 Years
Present worth = Future value / (1 + R)^n
= 16000 / (1 + 5%)^7
= 16000 / (1 + 0.05)^7
= 16000 / (1.05)^7
= 16000 / 1.40710042265625
Present worth of deposit = 11370.90 or (11371 $ )
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