Homework SourseComplete the following using present value Use the Table pro
Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the \"PV factor\" to 4 decimal places and final answer to the nearest cent.)
| Amount desired at end of period | Length of time | Rate | Compounded | On PV Table | PV factor used | PV of amount desired at end of period | |
| Period used | Rate used | ||||||
| $11,100 | 2 years | 18% | Monthly | % | $ | ||
Solution
Amount desired at the end of period
Length of time
Rate
Compounded
On PV Table
PV Factor used
PV of amount desired at end of period
Period Used
Rate Used
$11,100
2 Years
18%
Monthly
24 Years
1.50%
0.69955
$7,765
| Amount desired at the end of period | Length of time | Rate | Compounded | On PV Table | PV Factor used | PV of amount desired at end of period | |
| Period Used | Rate Used | ||||||
| $11,100 | 2 Years | 18% | Monthly | 24 Years | 1.50% | 0.69955 | $7,765 |
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