Find the present value of the given future payment at the specified interest rate.\$7000 due in 40 years at 5\% compounded annually\The present value is approximately $\boxed{ }.\(Round to the nearest cent as needed.)
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To find the present value of a future payment, we need to use the formula for compound interest: PV = FV / (1 + r)^n Where: PV = Present Value FV = Future Value r = Interest Rate Show more…
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