# What is the present value of a $1,600 payment made in five years when the discount rate is 10 percent?

1 answer

###### Question:

What is the present value of a $1,600 payment made in five years when the discount rate is 10 percent?

## Answers

Answer:Present value is $993.47Step-by-step explanation:PV = present valueFv = future value = $1,600Discount (i) = 10%N = Years = 5The formula for this is given by:PV = FV/(1 + i)^NPV = $1600/(1 + 0.10)^5PV = $1600/1.1^5PV = $1600/1.61051PV = $993.47

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