The present value of a sum of money is the amount that must be invested now, at a giv rate of interest, to produce the desired sum at a later date. Find the present value of $5,000 if inter is paid at a rate of 3% per year, compounded continuously, for 4 years. (Round your answer uf the next cent use the compound interest formulas
The present value of a sum of money is the amount that must be invested now, at a giv rate of interest, to produce the desired sum at a later date. Find the present value of $5,000 if inter is paid at a rate of 3% per year, compounded continuously, for 4 years. (Round your answer uf the next cent use the compound interest formulas
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 56E
Question
The present value of a sum of money is the amount that must be invested now, at a giv rate of interest, to produce the desired sum at a later date. Find the present value of $5,000 if inter is paid at a rate of 3% per year, compounded continuously, for 4 years. (Round your answer uf the next cent
use the compound interest formulas
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