Explanation Given: The principal A is $7,500. The annual interest rate r is 5.5%. The time period t is 9 years. Here, the value of m = 4 . Formula used: The present value of A dollars compounded at an interest rate i per period for n period is p = A ( 1 + i ) n , where i = r m and n = m t . Calculation: Obtain the interest rate per period. i = r m = 0.055 4 = 0.01375 Thus, the interest rate per period is 0.01375

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ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Chapter 5.1, Problem 38E

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To find: The present value if the money $7,500 at 5.5% compounded quarterly for 9 years.

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Chapter 5.1, Problem 37E

Chapter 5.1, Problem 39E

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The present value if the money $7,500 at 5.5% compounded quarterly for 9 years.

Solution Summary: The author explains the formula used to find the present value of A dollars compounded quarterly for 9 years. The number of compounding periods is given by n=mt

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To find: The present value if the money $7,500 at 5.5% compounded quarterly for 9 years.

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Chapter 5 Solutions