Karl Yates needs $18,000 to pay for the remodeling work on his house. A contractor agrees to do the work in 12 months. What is the present value of $18,000 at 5.3% simple interest in order to accumulate the $18,000 in 12 months? The present value is $ (Round 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 19E

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Question

Karl Yates needs $18,000 to pay for the remodeling work on his house. A contractor agrees to do the work in 12 months. What is the present value of $18,000 at 5.3% simple interest in order to accumulate the $18,000 in 12 months? The present value is $ (Round to the nearest cent as needed.) 4 Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.