Mathematics, 26.11.2019 00:31 BeautyxQueen
Joey is saving up for a down payment on a car. he plans to invest $2,000 at the end of every year for 3 years. if the interest rate on the account is 2.05% compounding annually, what is the present value of the investment? $4,180.20 $5,762.15 $5,891.08 $5,978.76
Answers: 2
![\text{Present value}=P*[\frac{1-(1+r)^{-n}}{r}]](/tpl/images/0390/6197/f2b29.png)
, where,
,
,
.
![\text{Present value}=2000*[\frac{1-(1+0.0205)^{-3}}{0.0205}]](/tpl/images/0390/6197/24cde.png)
![\text{Present value}=2000*[\frac{1-(1.0205)^{-3}}{0.0205}]](/tpl/images/0390/6197/3a351.png)
![\text{Present value}=2000*[\frac{1-0.94093792}{0.0205}]](/tpl/images/0390/6197/1e6e8.png)
![\text{Present value}=2000*[\frac{0.05906208}{0.0205}]](/tpl/images/0390/6197/3e109.png)
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