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11 July, 09:27

The present value that must be invested to get $1,000 after 6 years at the interest rate of 11.5% is $ round up to the nearest cent

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  1. 11 July, 11:42
    0
    The future worth (F) of the current investment (P) given that the interest (i) is compounded can be calculated by the formula,

    F = P x (1 + i) ^n

    where n is the number of years. Substituting the given values to solve for P,

    1000 = P x (1 + 0.115) ^6

    The value of P is approximately $520.42.
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