Find the present value of$5436.22 due in four years and three months at 4% compounded annually. a:$4601.56 b:$4592.55 c:$4646.90 d:$6422.27

Find the present value of$5436.22 due in four years and three months at 4% compounded annually. a:$4601.56 b:$4592.55 c:$4646.90 d:$6422.27

Question
Upper Level Math
asked 2020-12-28
Find the present value of$5436.22 due in four years and three months at 4% compounded annually.
a:$4601.56
b:$4592.55
c:$4646.90
d:$6422.27

Answers (1)

2020-12-29
Given:
Principle amount(p):=$5436.22
Interest rate(r)=4%=\(4/(100)\)=0.04
interest time(t)=4 years 3 months
number of times interest compounded per year(n)=1(given annually compounded)
present value(A)=?
Steps:
Formula for compound interest
\(A=P(1+r/n)^(nt)\)
\(=> A=5436.22(1+(0.04/1)^(1*4.25))\)
\(=5436.22(1+0.04)^(4.25)\)
\(=5436.22(1.04)^(4.25)\)
A=5436.22(1.181386)
A=$6422.27
present value(A)=$6422.27
option d is the right answer
0

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