Find the present value of $90,000 due in 7 years at the given rate of interest. (Round your answers to the nearest cent.) (a) 3%/year compounded semiannually $ (b) 3%/year compounded quarterly $
Find the present value of $90,000 due in 7 years at the given rate of interest. (Round your answers to the nearest cent.) (a) 3%/year compounded semiannually $ (b) 3%/year compounded quarterly $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![Find the present value of $90,000 due in 7 years at the given rate of interest. (Round your answers to the nearest cent.)
(a) 3%/year compounded semiannually
$
(b) 3%/year compounded quarterly
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb40b6873-57d9-434d-ac29-d6d174612f1c%2F48f76e08-40c3-4ec0-9534-658666b5cbf5%2Fe8avaq_processed.png&w=3840&q=75)
Transcribed Image Text:Find the present value of $90,000 due in 7 years at the given rate of interest. (Round your answers to the nearest cent.)
(a) 3%/year compounded semiannually
$
(b) 3%/year compounded quarterly
$
![Find the accumulated amount A, if the principal P is invested at an interest rate of r per year for t years. (Round your answer to the nearest cent.)
P = $160,000, r = 6%, t = 4, compounded daily
A = $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb40b6873-57d9-434d-ac29-d6d174612f1c%2F48f76e08-40c3-4ec0-9534-658666b5cbf5%2F8i38xp_processed.png&w=3840&q=75)
Transcribed Image Text:Find the accumulated amount A, if the principal P is invested at an interest rate of r per year for t years. (Round your answer to the nearest cent.)
P = $160,000, r = 6%, t = 4, compounded daily
A = $
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