Multiple Choice
The present value of $1,000 discounted at the rate of 5% per year, to be received at the end of 3 years is equal to
A) $1,000/(1.03) 5.
B) $1,000/(1.05) 3.
C) $1,000 × (1.05) 3.
D) $1,000 - ($1,000) × .03 × 5.
Correct Answer:
Verified
Correct Answer:
Verified
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