...there)? I'm having trouble with this question. You don't have to solve it, just need an equation to solve this.
Find the present value for the future amount of $1000 if compounded at 6% anually for 5 years.
Any help would be appreciated.
Well, someone gave me this answer. Is this right?
= $5,000/(1 + 0.6)?
= $5,000/1.06?
= $5,000/1.3382255776
= $3,736.29
Answer: $3,736.29 is the present value.
Find the present value for the future amount of $1000 if compounded at 6% anually for 5 years.
Any help would be appreciated.
Well, someone gave me this answer. Is this right?
= $5,000/(1 + 0.6)?
= $5,000/1.06?
= $5,000/1.3382255776
= $3,736.29
Answer: $3,736.29 is the present value.