Exercise 5-7 (Algo) Solving for unknowns; single amounts [LO5-4] For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i= interest rate, and n = number of years) Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Present Value Future Value i n 1. $ 60,000 6% 5 2. $ 17,147 $ 74,000 19 3. $ 20,719 $ 45,000 9% 4 $ 79,548 $ 150,000 5. $ 13,542 7% 6
Exercise 5-7 (Algo) Solving for unknowns; single amounts [LO5-4] For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i= interest rate, and n = number of years) Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Present Value Future Value i n 1. $ 60,000 6% 5 2. $ 17,147 $ 74,000 19 3. $ 20,719 $ 45,000 9% 4 $ 79,548 $ 150,000 5. $ 13,542 7% 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 5-7 (Algo) Solving for unknowns; single amounts [LO5-4]
For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i=
interest rate, and n = number of years)
Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1, FVA
of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Present Value
Future Value
i
n
1.
$
60,000
6%
5
2.
$
17,147 $
74,000
19
3.
$
20,719 $
45,000
9%
4
$
79,548 $ 150,000
5.
$
13,542
7%
6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F617d9b26-c875-4afc-a3c0-9748c628f8ff%2Fec0d9adb-c5d1-4af5-8a47-1de91cba75ed%2Fjmvok5_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 5-7 (Algo) Solving for unknowns; single amounts [LO5-4]
For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i=
interest rate, and n = number of years)
Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1, FVA
of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Present Value
Future Value
i
n
1.
$
60,000
6%
5
2.
$
17,147 $
74,000
19
3.
$
20,719 $
45,000
9%
4
$
79,548 $ 150,000
5.
$
13,542
7%
6
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