Answer:
$849.01
Explanation:
For this question, we use the Present value formula that is shown on the attachment. Kindly find it below:
Data provided in the question
Future value = $1,000
Rate of interest = 9%
NPER = 7 years
PMT = $1,000 × 6% = $60
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after solving this, the present value is $849.01
Answer
The answer and procedures of the exercise are attached in the following image.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
