Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round...

Complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.)

Amount desired at end of period	Length of time	Rate	Compounded	On PV Table		PV factor used	PV of amount desired at end of period
				Period used	Rate used
$10,700	4 years	12%	Monthly		%		$

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Expert Solution

Amount desired at end of period	Length of time	Rate	Compounded	On PV Table		PV factor used	PV of amount desired at end of period
				Period used	Rate used
$10,700	4 years	12%	Monthly	48 [4 years x 12 months each year]	1% [12% annual interest x 1month/12months]	0.6203 [1/(1.01)⁴⁸]	$6,637 [10700 x 0.6203]

ekkarill92 answered 1 year ago

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