Answer:
36 is the answer for this problem
You can type this in on desmos and it will help you
Answer:
Step-by-step explanation:
Present value formula;
(PV) = ![\frac{FV}{(1+r)^{n} }](https://tex.z-dn.net/?f=%5Cfrac%7BFV%7D%7B%281%2Br%29%5E%7Bn%7D%20%7D)
FV= Future amount (A) = $30,000
r = interest rate; monthly rate in this case = 7% / 12 = 0.5833% or 0.005833 as a decimal
n= total duration of investment (in months) in this case= 7*12 = 84 months
Next, plug in the numbers into the formula;
PV = ![\frac{30,000}{(1.005833)^{84} } \\ \\ =\frac{30,000}{1.62994868}](https://tex.z-dn.net/?f=%5Cfrac%7B30%2C000%7D%7B%281.005833%29%5E%7B84%7D%20%7D%20%5C%5C%20%5C%5C%20%3D%5Cfrac%7B30%2C000%7D%7B1.62994868%7D)
=18,405.48747
Therefore present value rounded to 2 decimal places = $18,405.49