Find the present value of the following future amount. $500,000 at 12% compounded annually for 20 years What is the present value?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
icon
Related questions
Question
Find the present value of the following future amount.
$500,000 at 12% compounded annually for 20 years
What is the present value?
$
(Round to the appropriate cent.)
Transcribed Image Text:Find the present value of the following future amount. $500,000 at 12% compounded annually for 20 years What is the present value? $ (Round to the appropriate cent.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning