The Present Value of a Sum of Money Is the Amount

question 40

Multiple Choice

The present value of a sum of money is the amount that must be invested now, at a given rate of interest, to produce the desired sum at a later date.Find the present value of $1,000 if interest is paid at
A rate of 7% per year, compounded semiannually, for 9 years.

• A)$7.23
• B)$452.80
• C)$299.25
• D)$538.36
• E)$543.93

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