8
QuizMultiple Choice

Present and Future Value — Quiz

Question 8 • Advanced Financial Algebra

An investor wants to know the present value of an investment that will be worth $⁢15,000 in 7 years. The interest rate offered is 3.8% compounded monthly. What is the present value? Use P⁢V=(F⁢V)/((1+(r)/(n))^n⋅t)

Answer
A
15 dollars comma 000 point 0 0
B
11 dollars comma 553 point 4 0
C
11 dollars comma 501 point 4 2
D
11 dollars comma 505 point 4 8
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