Answer: $93,876
Explanation:
The equivalent present amount of an 8year series of decreasing amounts when the interest rate is 10% compounded annually, the first year amount is $20,000, and the rate of decrease is $800 per year will be calculated thus:
PV = C / (1+r) ^ t
= 20,000/1.1 + 19,200/1.1² + 18,400/1.1³ + 17,600/1.1⁴ +16,800/1.1^5 + 16,000/1.1^6 + 15,200/1.1^7 + 14,400/1.1^8
= $93,876
Therefore, the equivalent present value is $93,876.
Answer:
The prize is worth $111,258.73.
Explanation:
Giving the following information:
Cf= $1,000 a month
Interest rate= 0.07/12= 0.005833
Number of months= 15*12= 180
First, we need to calculate the final value:
FV= {A*[(1+i)^n-1]}/i
A= cash flow
FV= {1,000*[(1.005833^180) - 1]} / 0.005833
FV= $316,951.28
Now, the present value:
PV= FV/(1+i)^n
PV= 316,951.28/(1.005833^180)
PV= $111,258.73
D. Any monies left after expenses is known as profit
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