Complete the following using present value. (Use the Table 12.3 provided.) Note: Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4 decimal places and final answer to the nearest cent. $ Amount desired at end of period 6,200 Length of time 6 years Rate 3% Compounded Semiannually On PV Table 12.3 Period used Rate used % PV factor used 736.0100 $ PV of amount desired at end of period 5,192.40
Complete the following using present value. (Use the Table 12.3 provided.) Note: Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4 decimal places and final answer to the nearest cent. $ Amount desired at end of period 6,200 Length of time 6 years Rate 3% Compounded Semiannually On PV Table 12.3 Period used Rate used % PV factor used 736.0100 $ PV of amount desired at end of period 5,192.40
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Complete the following using present value. (Use the Table 12.3 provided.)
Note: Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4
decimal places and final answer to the nearest cent.
Amount
desired at
end of period
6,200
Length
of time
6 years
Rate
3 %
Compounded
Semiannually
On PV Table 12.3
Period
used
Rate used
%
PV factor used
736.0100
$
PV of amount
desired at
end of period
5,192.40](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6e5ca03-16ca-4ff0-8d4b-b0abefe6deff%2F75f510bc-db03-4854-95c3-4fd28dd25514%2F0k9zd5v_processed.png&w=3840&q=75)
Transcribed Image Text:Complete the following using present value. (Use the Table 12.3 provided.)
Note: Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4
decimal places and final answer to the nearest cent.
Amount
desired at
end of period
6,200
Length
of time
6 years
Rate
3 %
Compounded
Semiannually
On PV Table 12.3
Period
used
Rate used
%
PV factor used
736.0100
$
PV of amount
desired at
end of period
5,192.40
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education