Answer
The present value of 10,000 in 8 years at 6% per year is $6209.93
Work Step by Step
Using the formula, we get $P=\frac{10,000}{(1+\frac{0.06}{4})^{32}}\approx 6209.93$
The present value of 10,000 in 8 years at 6% per year is $6209.93
Calculus with Applications (10th Edition)
by Lial, Margaret L.; Greenwell, Raymond N.; Ritchey, Nathan P.
Published by
Pearson
ISBN 10:
0321749006
ISBN 13:
978-0-32174-900-0
Chapter 2 - Nonlinear Functions - 2.6 Applications: Growth and Decay; Mathematics of Finance - 2.6 Exercises - Page 107: 11
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