Determine the present value P you must invest to have the future value A at simple interest rate r after time t. A = $11,000, r = 9.5%, t = 7 years The present value that must be invested is $ (Round up to the nearest cent as needed.)
Determine the present value P you must invest to have the future value A at simple interest rate r after time t. A = $11,000, r = 9.5%, t = 7 years The present value that must be invested is $ (Round up to the nearest cent as needed.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
Question
The present value that must be invested is $
(Round up to the nearest cent as needed.)
Transcribed Image Text:Determine the present value P you must invest to have the future value A at simple interest rate r after time t.
A = $11,000, r = 9.5%, t = 7 years
The present value that must be invested is $
(Round up to the nearest cent as needed.)
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