Maria Addai has been offered a future payment of $750 two years from now. If she can earn an annual rate of 6.5 percent, compounded daily, on her investment, what should she pay for this investment today?
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PV = FV / [(1+r)^n]
PV = Present value
FV = Future Value = $ 750
r= interest rate = 6.5%
n= no. of years
since, its compounded daily, r is substituted with r/365 & n with n*365
i.e, PV = FV / [(1+r/365)^(n*365)]
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