What is the present value of the following? Use Appendix B as an approximate answer, but...

What is the present value of the following? Use Appendix B as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a. \$8,300 in 13 years at 5 percent? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Present value b. \$18,600 in 3 years at 6 percent? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Present value c. \$28,100 in 9 years at 8 percent? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Present value

a) Present value = fave value * 1 /(1+rate)number of periods , where r =discount rate ,number of periods = years

= \$8300 * 1 /(1+0.05)13

= \$8300 * 1 / (1.05)13

= \$8300 * 0.530321

= \$4401.66

b) Present value = fave value * 1 /(1+rate)number of periods

= \$18600 * 1 /(1+0.06)3

= \$18600 * 1 /(1.06)3

= \$18600 * 0.839619

= \$15616.91

c)  Present value = fave value * 1 /(1+rate)number of periods

= \$28100* 1 /(1+0.08)9

= \$28100* 1 /(1.08)9

= \$28100 * 0.500249

= \$14057

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