Find the Present Value for the Given Future Amount

question 231

Multiple Choice

Find the present value for the given future amount. Round to the nearest cent.
-A = $37,000, 10 years r = 8% compounded semiannually

• A)$17,138.16
• B)$20,113.68
• C)$81,071.56
• D)$16,886.32

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Definitions:

Bailment

The legal relationship established when possession, but not ownership, of personal property is transferred from one person to another under an agreement.

Bailee Compensation

The payment made to a bailee for the service of temporarily holding or storing the bailor's property.

Gratuitous Bailment

A legal relationship where one party, the bailor, temporarily transfers possession of an item to another, the bailee, without expectation of payment or benefit.

Bailee's Lien

The right of a bailee to retain possession of a bailor's property as security for unpaid charges related to the property.