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What is the present value of $1,288 received in 16 years when you could earn 6% on your Investments?
What is the present value of $1,288 received in 16 years when you could earn 6% on your Investments?
Expert Solution
Future value of investment = $ 1288
No. of year investment "n" = 16 year
Interest rate of investment "R" = 6.00%
Present value = (Future value ÷ (1 + R)^n)
Present value = (1288 ÷ (1 + 6%)^16)
Present value = $ 507.01642
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