cathhgc1755 cathhgc1755
  • 14-01-2022
  • Mathematics
contestada

what is the present value of 1000 for 2 years at 3% interest

Respuesta :

hopenorthern06
hopenorthern06 hopenorthern06
  • 14-01-2022

Answer:

$942.60

Step-by-step explanation:

Future Value (FV)= $1,000

Number of periods (n)= 2

Interest rate (i)= 3% = 0.03

To calculate the present value (PV), we need to use the following formula:  

FV= PV*(1í)^n  

Isolating PV:  

PV= FV/(1+i)^n

Pv=1,000/(1.03^2)

$942.60

Hope this helps, have a great day :)

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