Find the present value of $1,553 discounted for 8 years at 9%. Assume annual compounding. (round...

Find the present value of $1,553 discounted for 8 years at 9%. Assume annual compounding. (round to the nearest whole dollar)

Expert Solution

Present value=1,553*Present value of discounting factor(rate%,time period)

=1,553/1.09^8

=1,553*0.50186628

which is equal to

=$779(Approx)

jeff jeffy answered 2 years ago

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