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Chapter 5: Q. 17 (page 324)

Find the principal needed now to get each amount; that is, find the present value to get $1000 after 212 years at 6% compounded daily

Short Answer

Expert verified

The answer is $860.71

Step by step solution

01

Step 1. Given information 

The amount, A=$1000

The rate of interest, r=6%=6100=0.06

The time period, t=212=52years

The investment compounded daily, n=365

02

Step 2. Use Present value formulas

The present value P of A dollars received after t years, assuming a per annum interest rate r compounded n times per year, isP=A1+rn-nt

03

Step 3. Calculation

Substitute the values in the Present value formula,

P=$10001+0.06365-365脳52P=$10001.000164-18252P=$100011.00016418252P=$10000.99983912.5P=$10000.860718P=$860.71

The Present value,P=$860.71

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