Inez wants to have $13,500 in 5 years. Use the present value formula to calculate how much Inez should invest now at 4% interest, compounded quarterly in order to reach her goal. a. $10,800.00 b. $11,056.54 c. $11,063.85 d. $11,096.02

Inez wants to have $13,500 in 5 years. Use the present value formula to calculate how much Inez should invest now at 4% interest, compounded quarterly in order to reach her goal. a. $10,800.00 b. $11,056.54 c. $11,063.85 d. $11,096.02

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: The Basic Tools Of Finance

Section9.1: Present Value: Measuring The Time Value Of Money

Problem 1QQ

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Inez wants to have $13,500 in 5 years. Use the present value formula to calculate how much Inez should invest now at 4% interest, compounded quarterly in order to reach her goal.

a. $10,800.00

b. $11,056.54

c. $11,063.85

d. $11,096.02

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