mamatorres01 mamatorres01

25-06-2017
Mathematics

contestada

If the interest rate is 3% and a total of $4,370.91 will be paid to you at the end of 3 years, what is the present value of that sum?

Respuesta :

redhead7 redhead7

25-06-2017

You want to know the amount you started with so the formula is: Principal = Total ÷ (1 + Rate)^years Principal = 4,370.91 ÷ (1.03)^3 Principal = 4,370.91 ÷ 1.092727 Principal = $4,000.00

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