Answer:
The present value of $4,300=$3,624.13
Explanation:
The present value is always used to estimate the value of an asset be it financial or financial equivalents to determine their current value accounting for annual interest rates. Continuous compounding is the mathematical limit that can be reached if it's calculated and reinvested into an account's balance over a theoretically infinite number of periods. The formula is expressed as;
F.V=P.V×e^(i×t)
where;
F.V=future value
P.V=present value
e=mathematical constant approximated as 2.7183
i=stated interest rate
t=time in years
In our case;
F.V=$4,300
P.V=unknown
e=2.7183
i=5.7%=5.7/100=0.057
t=3 years
replacing;
4,300=P.V×e^(0.057×3)
4,300=P.V×e^(0.171)
1.1865 P.V=4,300
P.V=4,300/1.1865
P.V=3,624.13
The present value of $4,300=$3,624.13
During a financial statement audit an internal auditor may provide direct assistance to the independent CPA in performing both tests of controls and substantive tests.
<h3>What is audit ?</h3>
Audit is the checking or inspection of the account of the company in order to make sure a ll the transactions are recorded systematically and accurately. it is done to check the correctness of the accounts provided by the companies in the financial accounts.
During the auditing of financial statements, auditor provides helps to the Certified Public Accountant by performing both the test of control and substantive tests.
Learn more about Auditing here:
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