Find the present value of $4,700 under each of the following rates and periods.

Question

Find the present value of $4,700 under each of the following rates and periods.

(If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

a. 8.9 percent compounded monthly for five years.

Present value $ Find the present value of $4,700 under each of the following rates and periods. (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.) 8.9 percent compounded monthly for five years. 6.6 percent compounded quarterly for eight years. 4.3 percent compounded daily for four years. 5.7 percent compounded continuously for three years.

Explanation / Answer

a)$5.34

b)$3722.4

c)$62.78

d)$62.415

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