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    Contemporary Business Mathematics Study Set 1
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    Exam 9: Compound Interest - Future Value and Present Value
  5. Question
    Determine the Compound Discount on $18 875 Due in 7
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Determine the Compound Discount on $18 875 Due in 7

Question 64

Question 64

Essay

Determine the compound discount on $18 875 due in 7.75 years if interest is 9.72% compounded monthly.

Correct Answer:

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PV = 18875.00(1.0081)-93 = 18875....

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