Find the present value of the given future amount. $ 39,529 for 224 days at...
Find the present value of the given future amount. $ 39,529 for 224 days at 6.4% simple interest. Assume 360 days in a year. What is the present value?
Homework Answers
The present value is computed as shown below:
Present value = Future value / ( 1 + r )n
= $ 39,529 / [ ( 1 + ( 0.064 / 360) x 224 ) ]224 / 360
= $ 38,580.11 Approximately
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