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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 % $

Solutions

Expert Solution

EAR = [(1 +stated rate/no. of compounding periods) ^no. of compounding periods - 1]* 100
? = ((1+12/(12*100))^12-1)*100
Effective Annual Rate% = 12.6825
Future value = present value*(1+ rate)^time
10700 = Present value*(1+0.126825)^4
Present value = 6636.79

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