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rickyisone rickyisone
  • 22-11-2014
  • Mathematics
Answered

find the present value of 45,000 if interest is 3.5% compounded monthly for 3 years.

Verified Answer :

omarlopez1943 omarlopez1943
  • 22-11-2014

45,0003.5% would give you 1,57536= 56,700

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FirstSineOfMadness
FirstSineOfMadness FirstSineOfMadness
  • 22-11-2014

The formula to use here is A=P(1+r/n)^(nt)
A is the current value, p is the principal or starting amount, r is the interest rate, n is how many times per year compounded, and t is the time
Plug your values in.
A=45000(1+.035/12)^(12*3) => A=45000(1.029166667)^36
Final answer:
About $126,677 at present.
Hope I could help :)

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