Using the Tables Above,what Is the Present Value of $3,000

question 186

Multiple Choice

Using the tables above,what is the present value of $3,000 (rounded to the nearest dollar) to be received at the end of each of the next 4 years,assuming an earnings rate of 12%?

• A) $10,815
• B) $7,206
• C) $9,111
• D) $1,908

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Definitions:

Scientific Notation

A way of expressing numbers that are too large or too small to be conveniently written in decimal form, using powers of ten.

Quadratic Polynomial

A polynomial of degree two, typically written in the form ax^2 + bx + c where a, b, and c are constants.

Cubic Polynomial

A polynomial of degree three, characterized by an equation of the form ax^3 + bx^2 + cx + d, where a, b, c, and d are constants and a ≠ 0.

Quintic Polynomial

A polynomial of degree five, represented as \(ax^5 + bx^4 + cx^3 + dx^2 + ex + f\) where \(a\), \(b\), \(c\), \(d\), \(e\), and \(f\) are constants and \(a \neq 0\).