Use the compound interest formula to find the present value

Use the compound interest formula to find the present value P, for the following given values. A =$15,900 i=0.077 n=102 P=$ (Round to the nearest cent.)

Given

A = $15,900

i = 0.077

n =102

P = ?

Here time t is not given. So considering t = 10 years

Now

A = P (1 + r/n) ^(nt)

15900 = P[1 + (0.077/102)]^(102*10)

15900 = P*2.15914

P = 7364.05 $

Use the compound interest formula to find the present value P, for the following given values. A =$15,900 i=0.077 n=102 P=$ (Round to the nearest cent.)Solution

Use the compound interest formula to find the present value

Solution

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