When the Annual Interest Rate Is 7 Percent,what Is the Present

question 42

Multiple Choice

When the annual interest rate is 7 percent,what is the present value of receiving a payment of $10,000 three years from now?

• A) $10,700.00.
• B) $10,244.89.
• C) $9,300.00
• D) $8,162.98.

---

Definitions:

Western Europe

A region comprising the western part of Europe, known for its developed economies, democratic governments, and rich cultural history.

Nobles

A social class distinguished by hereditary titles or offices, often holding significant land, wealth, and influence.

Guilds

Associations of artisans or merchants who control the practice of their craft in a particular town, historically important in the Middle Ages.