d. The amount a person would need to deposit today with a 7 percent interest rate to have $3,000 in three years. Round your answer to the nearest dollar. (Hint: Use Appendix A-2 or the Garman/Forgue companion website.) Round Present Value of a Single Amount in intermediate calculations to four decimal places. $
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The formula for present value is: $PV = FV / (1 + r)^n$ Where: * PV = Present Value * FV = Future Value ($3,000) * r = interest rate (7% or 0.07) * n = number of years (3) Show more…
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