It is a fact that (1 + 0.12)3 = 1.40. Knowing that to be true, what is
Question:
It is a fact that (1 + 0.12)3 = 1.40. Knowing that to be true, what is the present value of $140 received in three years if the annual interest rate is 12 percent?
a. $1.40
b. $12
c. $100
d. $112
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Related Book For
Macroeconomics
ISBN: 9781264112456
22nd Edition
Authors: Campbell McConnell, Stanley Brue, Sean Flynn
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