Suppose you borrowed a certain amount of money 382 weeks ago at an annual interest rate...
Suppose you borrowed a certain amount of money 382 weeks ago at an annual interest rate of 3% with semiannual compounding (2 times per year). If you returned $10,456 today, how much did you borrow?
Homework Answers
Formula:
Present value = Future value÷(1+Interest rate)^n
PV= FV÷(1+r)^n
n = no. of periods = 382/26 = 14.662308
r = 3/2 = 1.5% per semi annum.
PV = $10,456÷(1.015)^14.662308
PV =$ 8401.65
how much did you borrow=$ 8401.65
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