Determine the present value of $3800 due 5 years from now if money is worth 1.5% compounded quarterly. $3729.54 $4095.39 $6.51 $3525.92
Added by Austin W.
Step 1
We can do this by dividing the annual interest rate (1.5%) by 4 (since there are 4 quarters in a year). Quarterly interest rate = 1.5% / 4 = 0.375% Show more…
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