Answer to Question #99082 in Finance for murad

Question #99082
Payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. Calculate the Present Value.
1
Expert's answer
2019-11-22T10:39:06-0500

"V=\\frac{A}{r}\\times [1-({1+r})^{-n}]"

Where,

r=8%/12= 0.006667

n=5x12=60 months

A=$670

Thus

Present value, on solving

V= $33043.35



Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS