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2 answers:
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Answer:
PV=454.54
Explanation:
This problem can be solved applying the concept of future value, the 500 represents money in the future an the 10% is how that money is valued over time
where FV is future value, PV is the present value, i is the periodic interest rate and n is the number of periods. So applying to this particular problem we have:
solving for PV we have:
PV=454.54