Future/Present Value
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Find the following values. Compounding/ discounting occurs annually.
a. An initial $ 500 compounded for 10 years at 6%
b. An initial $ 500 compounded for 10 years at 12%
c. The present value of $ 500 due in 10 years at 6%
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Solution Summary
The solution explains how to calculate the present and future values.
Solution Preview
a. We have to find the FV. We use the following formula
FV = PV (1+rate)^n where
PV = ...
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