8. (-/8 Points) DETAILS WANEFMAC7 3.2.013.MI.SA. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part. Tutorial Exercise Calculate, to the nearest cent, the present value of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT See Quick Example 4.] 4 years, at 7.2% per year, compounded weekly (52 times per year) Step 1 FV Recall that the present value PV of an investment with future value FV is given by PV = mt where 1+ is the annual interest rate compounded m times per year and t is the time in years. We are given that the investment will be worth $1,000, so the future value V = The stated amount of time is 4 years, so t = Recall that the interest rate must be converted to decimal form before using the formula. Therefore, 7.2% gives an annual interest rate of r = The interest is compounded weekly or 52 times per year, so m = | Subm Skip you cannot come back) Need Help? Ponadt