Drill Problem 12-8 (Algo) [LU 12-2 (2)) 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. On PV Table 12.3 Amount desired at Length of time Rate Compounded end of period Period used PV factor used Rate used $ 11,400 2 years 18% Monthly % PV of amount desired at end of period
Drill Problem 12-8 (Algo) [LU 12-2 (2)) 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. On PV Table 12.3 Amount desired at Length of time Rate Compounded end of period Period used PV factor used Rate used $ 11,400 2 years 18% Monthly % PV of amount desired at end of period
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![Drill Problem 12-8 (Algo) [LU 12-2 (2)]
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.
On PV Table 12.3
Amount
desired at
end of period
Length
of time
Rate
Compounded
Period
used
PV factor used
Rate used
$
11,400
2 years
18 %
Monthly
%
PV of amount
desired at
end of period](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa732ddc6-c601-4819-b837-102595c0f559%2Fec284db3-144d-40dc-b23f-9022fd68408f%2Fusztt7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Drill Problem 12-8 (Algo) [LU 12-2 (2)]
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.
On PV Table 12.3
Amount
desired at
end of period
Length
of time
Rate
Compounded
Period
used
PV factor used
Rate used
$
11,400
2 years
18 %
Monthly
%
PV of amount
desired at
end of period
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