Using provided data, solve for present value. When calculating 1/(1+I/Y)^N, round your answer to four...
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Accounting
Using provided data, solve for present value. When calculating 1/(1+I/Y)^N, round your answer to four decimal places. Use your rounded answer to calculate PV; enter PV rounded to the nearest dollar. When entering (1+I/Y) into the formula, be sure to solve for (1+I/Y) and then enter the result rounded to two decimal places.
| Facts | |
| PV: | |
| FV: | $140,000 |
| Annual Interest Rate: | 12% |
| I/Y: | 1% |
| n: (Number of years) | 5 |
| N: (Number of compounding periods) | 60 |
| Compounded (Y): | Monthly |
| Formula Method | ||||||
|---|---|---|---|---|---|---|
| PV | = | FV | X | 1/ | (1+I/Y) | ^N |
| = | X | 1/ | ||||
| = | X | |||||
| = | ||||||
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