Calculate, to the nearest cent, the present value of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.] 5 years, at 2.9% per year, compounded weekly (52 times per year) PV = $

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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Calculate, to the nearest cent, the present value of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.]
5 years, at 2.9% per year, compounded weekly (52 times per year)
PV = $

 

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