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14 October, 07:49

Determine the present value, P, you must invest to have the future value, A, at simple interest rate r after time t. Round answer to the nearest dollar.

A = $196.00

r = 10%

t = 4 years

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Answers (1)
  1. 14 October, 11:30
    0
    Find P given A

    P=A[ ((1+i) ^n) - 1]:[i (1+i) ^n]

    where n=t=4 and r=i

    196.00 [ (1.1^4) - 1]:[0.1 (1.1^4) ]

    =196 (0.4641:0.14641)

    =621.29
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