Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Question
**Problem: Calculating Present Value with Simple Interest** To determine the present value (P) you need to invest to reach a future value (A) using a simple interest rate (r) over a period of time (t), we are given: - Future Value \( A = \$12,000 \) - Interest Rate \( r = 4.0\% \) - Time Period \( t = 3 \) years --- **Calculation:** The goal is to find the present value that must be invested to achieve $12,000 after 3 years at an interest rate of 4.0%. Round up to the nearest cent. If you need further assistance or illustrations, feel free to reach out.
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Transcribed Image Text:**Problem: Calculating Present Value with Simple Interest** To determine the present value (P) you need to invest to reach a future value (A) using a simple interest rate (r) over a period of time (t), we are given: - Future Value \( A = \$12,000 \) - Interest Rate \( r = 4.0\% \) - Time Period \( t = 3 \) years --- **Calculation:** The goal is to find the present value that must be invested to achieve $12,000 after 3 years at an interest rate of 4.0%. Round up to the nearest cent. If you need further assistance or illustrations, feel free to reach out.
Expert Solution
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Step 1

Given- 

A = $12,000r = 4.0%t = 3 years

To find- The present value P. 

 

Formula Used- 

Simple Interest Formula:

A = P1 + rt

where

A is the Future value

P is the Present value

r is the Annual rate of interest

t is Time in years

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