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Your rich uncle has just given you a high school graduation present of $1,500,000. The present, however, is in the form of a 10-year bond with an annual interest rate of 8.6% compounded annually. The bond says that it will be worth $1,500,000 in 10 years. What is this gift worth at the present time? (Round your answer to the nearest cent.) $

Your rich uncle has just given you a high school graduation present of $1,500,000. The present, however, is in the form of a 10-year bond with an annual interest rate of 8.6% compounded annually. The bond says that it will be worth $1,500,000 in 10 years. What is this gift worth at the present time? (Round your answer to the nearest cent.) $

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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Your rich uncle has just given you a high school graduation present of $1,500,000. The present, however, is in the form of a 10-year bond with an annual interest rate of 8.6% compounded annually. The bond says that it will be worth $1,500,000 in 10 years. What is this gift worth at the present time? (Round your answer to the nearest cent.)
$ 

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