Explanation Given information: The present value of a payment 5 years in the future of $2000, assuming annual interest rate of 3%, is 2000 ( 1.03 ) 5 dollars. Calculation: Time, t = 5 years Deposit, P = 2000 Annual interest rate, r = 3% = 0.03 Amount, A = P [

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 10, Problem 18SYU

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Chapter 10 Solutions

APPLIED CALCULUS-PRINT COMPANION (LL)

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Indicate whether the statement is true or false.

Solution Summary: The author explains whether the given statement is true or false. The present value of a payment 5 years in the future of 2000 is 2000(1.03)5.

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