Find the present value of the given future amount. $38,000 for 7 months at 8\% simple interest What is the present value? $ (Round to the nearest dollar as needed.)
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Step 1: Determine the formula for simple interest The formula for simple interest is: I = P * R * T, where I is the interest, P is the principal (present value), R is the rate of interest, and T is the time period. Show more…
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