101. Present Value Find the present value that will grow to $5000 if interest is 3.5% compounded quarterly for 10 yr

PV= $3,528.81

Explanation:

Giving the following information:

Future value= $5,000

Interest rate= 3.5% compounded quarterly

Number of periods= 10 years

First, we need to determine the quarterly interest rate and the number of periods:

i= 0.035/4= 0.00875

n=10*4= 40

Now, using the following formula, we can calculate the present value:

PV= FV/(1+i)^n

PV= 5,000/(1.00875^40)

PV= $3,528.81

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answer; the correct answer to the above statement is (true);