Find the present value of $40,000 due in 2 years at the given rate of interest. (Use a 365-day year. Round your answer to the nearest cent.) 3%/year compounded quarterly
Added by Ricardo S.
Step 1
Since the annual interest rate is 3%, we can divide it by 4 to find the quarterly interest rate: Quarterly interest rate = $\frac{3\%}{4} = 0.75\% = 0.0075$ Show more…
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