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horsena [70]
3 years ago
8

Eric's textbook costs $90, and he can resell it in one year's time for $45. if the annual interest rate is 10%, then the present

value of the textbook's resale value (to the nearest dollar) is
Business
1 answer:
Archy [21]3 years ago
7 0
<span>$41 Given a discount rate, the present value (PV) of money you expect to receive in the future (FV) at a specified interest rate (R) for a specified number of periods (N) is PV = FV/(1+R)^N So let's plug in the known values and solve. PV = 45/(1+0.10)^1 PV = 45/(1.10)^1 PV = 45/1.10 PV = 40.90909091 Rounding to the nearest dollar gives $41</span>
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