Answer:
2
Step-by-step explanation:
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The formula is
A=p (1+r)^t
A future value?
P present value 160000
R interest rate 0.16
T time 3years
A=160,000×(1+0.16)^(3)
A=249,743.36
Use that future value to find the present value at a rate 8% compounded annually
To find p (present value) solve the formula for p
P=A÷ (1+r)^t
Where r is 0.08
P=249,743.36÷(1+0.08)^(3)
p=198,254.33
