A debt of $4374.96 is due November 1, 2020. What is the value of the obligation on November 1, 2016, if money is worth 5% compounded quarterly?
A debt of $4374.96 is due November 1, 2020. What is the value of the obligation on November 1, 2016, if money is worth 5% compounded quarterly?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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![A debt of $4374.96 is due November 1, 2020. What is the value of the obligation on November 1, 2016, if
money is worth 5% compounded quarterly?
The value of the obligation is $.
(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F091ff678-1be9-445c-b996-e29ec52a6fdc%2Fa2d29488-b96a-4fa8-a788-aa7a39134594%2Fxkwbzu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A debt of $4374.96 is due November 1, 2020. What is the value of the obligation on November 1, 2016, if
money is worth 5% compounded quarterly?
The value of the obligation is $.
(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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