![Problem 5-3 Calculating Present Values [LO2] For each of the following, compute the present value (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16): 13 4 29 40 7% 13 14 $16,051 57,557 892,073 556,164](http://img.homeworklib.com/questions/4616d540-6f06-11ea-99c0-4d816dbe3824.png?x-oss-process=image/resize,w_560)
Homework Answers
| The requirement is to find PV given FV. | ||
| PV = FV/(1+r)^n, where r = interest rate and | ||
| n = number of years. | ||
| 1) | =16051/1.07^ 13 = | $ 6,660.59 |
| 2) | = 57557/1.13^4 = | $ 35,300.79 |
| 3) | = 892073/1.14^29 = | $ 19,959.96 |
| 4) | = 556164/1.09^40 = | $ 17,706.92 |
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