1 answer

Find the present value of the given future amount. ​ $ 39,529 for 224 days at...

Question:

Find the present value of the given future amount. ​ $ 39,529 for 224 days at 6.4​% simple interest. Assume 360 days in a year. What is the present​ value?


Answers

The present value is computed as shown below:

Present value = Future value / ( 1 + r )n

= $ 39,529 / [ ( 1 + ( 0.064 / 360) x 224 ) ]224 / 360

= $ 38,580.11 Approximately

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