What Is the Present Value of $3,500 Received 3 Years

question 65

Multiple Choice

What is the present value of $3,500 received 3 years from today if the prevailing interest rate is 6.10%?

• A)$2,732.98
• B)$2,930.37
• C)$3,625.14
• D)$4,192.20

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Definitions:

Major

Often refers to the main or predominant component, phase, or aspect in a mixture, compound, or scenario.

Reaction

A reaction is a process in which one or more substances, the reactants, are converted to one or more different substances, the products.

Complex Metal Hydrides

A class of compounds formed by the combination of a metal with hydrogen, typically used as hydrogen storage materials.

Ketones

Organic compounds characterized by the presence of a carbonyl group bonded to two carbon atoms.