Mathematics, 04.08.2019 05:00 dheydar3506

Using technology, determine the present value given that you make monthly payments of $250.00 at 2.3% compounded monthly over a 5 year period. round your answer to the nearest cent. a. $10,776.33 b. $8,046.04 c. $14,156.84 d. $14,165.26

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Answer from: LuisTorres8966

The correct option is c.

Step-by-step explanation:

Given information: monthly payments = $250.00, Interest rate = 2.3% compounded monthly over a 5 year period.

The formula for monthly payment:

$C=\frac{PV(\frac{r}{n})}{1-(1+\frac{r}{n})^{-n*t}}$

Where, C is monthly payment, r is rate of interest, n is number of times interest compounded in a year, t is number of years, PV is present value.

$250=\frac{PV(\frac{0.023}{12})}{1-(1+\frac{0.023}{12})^{-12*5}}$

$250=\frac{PV(\frac{0.023}{12})}{1-(1+\frac{0.023}{12})^{-60}}$

$250(1-(1+\frac{0.023}{12})^{-60})=PV(\frac{0.023}{12})$

$\frac{250(1-(1+\frac{0.023}{12})^{-60})}{(\frac{0.023}{12})}=PV$

14156.83566=PV

$14156.84\approx PV$

The present value is 14156.84.

Therefore the correct option is c.

Answer from: Quest

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Answer from: Quest

step-by-step explanation: the declaration of the rights of man and of the citizen (french: déclaration des droits de l'homme et du citoyen de 1789), set by france's national constituent assembly in 1789, is a human civil rights document from the french revolution.[1]

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