Let AB be the directed line segment beginning at point A(1,1) and ending at point B(15,-3). Find the point P on the line segment
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Answer:
$120
Step-by-step explanation:
Let the initial value of bond be $X
The future value of any bond is calculated by formula
FV= PV(1+r)^n
where
- FV is future value of bond
- PV is present value of bond
- r is the rate that at which value of bond appreciate
- n is the number of years of maturity
In the problem given
FV= $146
r = 4% = 0.04 (dividing 4 by 100 we get 0.04)
n = 5
substituting these value in formula
PV =$X = $120
Hence current value of bond is $120.