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

sodni3 2020-12-28 Answered
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
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Expert Answer

casincal
Answered 2020-12-29 Author has 82 answers

Given:
Principle amount (p):=$5436.22
Interest rate(r)=4%=4100=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+rn)nt
A=5436.22(1+(0.041)14.25)
=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

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