Paul Havlik promised his grandson Jamie that he would give him $6,400 8 years from today...

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Paul Havlik promised his grandson Jamie that he would give him $6,400 8 years from today for graduating from high school. Assume money is worth 8% interest compounded semiannually. What is the present value of this $6,400? (Use the Table provided.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Present value Present value interest factor of $1 per period at i% for n periods, PVIF(i,n). Period 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 1 0.9950 0.9901 0.9852 0.9804 0.9756 0.9709 0.9662 0.9615 0.9569 0.9524 0.9479 0.9434 0.9390 0.9346 0.9302 0.9259 0.9217 0.9174 2 0.9901 0.9803 0.9707 0.9612 0.9518 0.9426 0.9335 0.9246 0.9157 0.9070 0.8985 0.8900 0.8817 0.8734 0.8653 0.8573 0.8495 0.8417 3 0.9851 0.9706 0.9563 0.9423 0.9286 0.9151 0.9019 0.8890 0.8763 0.8538 0.8516 0.8396 0.8278 0.8163 0.8050 0.7938 0.7829 0.7722 4 0.9802 0.9610 0.9422 0.9238 0.9060 0.8885 0.8714 0.8548 0.8386 0.8227 0.8072 0.7921 0.7773 0.7629 0.7488 0.7350 0.7216 0.7084 5 0.9754 0.9515 0.9283 0.9057 0.8839 0.8626 0.8420 0.8219 0.8025 0.7835 0.7651 0.7473 0.7299 0.7130 0.6966 0.6806 0.6650 0.6499 6 0.9705 0.9420 0.9145 0.8880 0.8623 0.8375 0.8135 0.7903 0.7679 0.74162 0.7252 0.7050 0.6853 0.6663 0.6480 0.6302 0.6129 0.5963 7 0.9657 0.9327 0.9010 0.8706 0.8413 0.8131 0.7860 0.7599 0.7348 0.7107 0.6874 0.6651 0.6435 0.6227 0.6028 0.5835 0.5649 0.5470 89 0.9609 0.9235 0.8877 0.8535 0.8207 0.7894 0.7594 0.7307 0.7032 0.6768 0.6516 0.6274 0.6042 0.5820 0.5607 0.5403 0.5207 0.5019 0.9561 0.9143 0.8746 0.8368 0.8007 0.7664 0.7337 0.7026 0.6729 0.6446 0.6176 0.5919 0.5674 0.5439 0.5216 0.5002 0.4799 0.4604 10 0.9513 0.9053 0.8617 0.8203 0.7812 0.7441 0.7089 0.6756 0.6439 0.6139 0.5854 0.5584 0.5327 0.5083 0.4852 0.4632 0.4423 0.4224 11 0.9466 0.8963 0.8489 0.8043 0.7621 0.7224 0.6849 0.6496 0.6162 0.5847 0.5549 0.5268 0.5002 0.4751 0.4513 0.4289 0.4076 0.3875 12 0.9419 0.8874 0.8364 0.7885 0.7436 0.7014 0.6618 0.6246 0.5897 0.5568 0.5260 0.4970 0.4697 0.4440 0.4199 0.3971 0.3757 0.3555 13 0.9372 0.8787 0.8240 0.7730 0.7254 0.6810 0.6394 0.6006 0.5643 0.5303 0.4986 0.4688 0.4410 0.4150 0.3906 0.3677 0.3463 0.3262 14 0.9326 0.8700 0.8118 0.7579 0.7077 0.6611 0.6178 0.5775 0.5400 0.5051 0.4726 0.4423 0.4141 0.3878 0.3633 0.3405 0.3191 0.2992 15 0.9279 0.8613 0.7999 0.7430 0.6905 0.6419 0.5969 0.5553 0.5167 0.4810 0.4479 0.4173 0.3888 0.3624 0.3380 0.3152 0.2941 0.2745 16 0.9233 0.8528 0.7880 0.7284 0.6736 0.6232 0.5767 0.5339 0.4945 0.4581 0.4246 0.3936 0.3651 0.3387 0.3144 0.2919 0.2711 0.2519 17 0.9187 0.8444 0.7764 0.7142 0.6572 0.6050 0.5572 0.5134 0.4732 0.4363 0.4024 0.3714 0.3428 0.3166 0.2925 0.2703 0.2499 0.2311 18 0.9141 0.8360 0.7649 0.7002 0.6412 0.5874 0.5384 0.4936 0.4528 0.4155 0.3815 0.3503 0.3219 0.2959 0.2720 0.2502 0.2303 0.2120 19 0.9096 0.8277 0.7536 0.6864 0.6255 0.5703 0.5202 0.4746 0.4333 0.3957 0.3616 0.3305 0.3022 0.2765 0.2531 0.2317 0.2122 0.1945 20 0.9051 0.8195 0.7425 0.6730 0.6103 0.5537 0.5026 0.4564 0.4146 0.3769 0.3427 0.3118 0.2838 0.2584 0.2354 0.2145 0.1956 0.1784 21 0.9006 0.8114 0.7315 0.6598 0.5954 0.5375 0.4856 0.4388 0.3968 0.3589 0.3249 0.2942 0.2665 0.2415 0.2190 0.1987 0.1803 0.1637 22 23 23 0.8961 0.8034 0.7207 0.6468 0.5809 0.5219 0.4692 0.4220 0.3797 0.3418 0.3079 0.2775 0.2502 0.2257 0.2037 0.1839 0.1662 0.1502 24 25 0.8916 0.7954 0.7100 0.8872 0.7876 0.6995 0.6217 0.8828 0.7798 0.6892 0.6342 0.5667 0.5067 0.4533 0.4057 0.3634 0.3256 0.2919 0.2618 0.2349 0.2109 0.1895 0.1703 0.1531 0.1378 0.5529 0.4919 0.4380 0.3901 0.3477 0.3101 0.2767 0.2470 0.2206 0.1971 0.1763 0.1577 0.1412 0.1264 0.6095 0.5394 0.4776 0.4231 0.3751 0.3327 0.2953 0.2622 0.2330 0.2071 0.1842 0.1640 0.1460 0.1301 0.1160 26 0.8784 0.7720 0.6790 0.5976 0.5262 0.4637 0.4088 0.3607 0.3184 0.2812 0.2486 0.2198 0.1945 0.1722 0.1525 0.1352 0.1199 0.1064 27 0.8740 0.7644 0.6690 0.5859 0.5134 0.4502 0.3950 0.3468 0.3047 0.2578 0.2356 0.2074 0.1826 0.1609 0.1419 0.1252 0.1105 0.0976 32F Search Paul Havlik promised his grandson Jamie that he would give him $6,400 8 years from today for graduating from high school. Assume money is worth 8% interest compounded semiannually. What is the present value of this $6,400? (Use the Table provided.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Present value Present value interest factor of $1 per period at i% for n periods, PVIF(i,n). Period 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 1 0.9950 0.9901 0.9852 0.9804 0.9756 0.9709 0.9662 0.9615 0.9569 0.9524 0.9479 0.9434 0.9390 0.9346 0.9302 0.9259 0.9217 0.9174 2 0.9901 0.9803 0.9707 0.9612 0.9518 0.9426 0.9335 0.9246 0.9157 0.9070 0.8985 0.8900 0.8817 0.8734 0.8653 0.8573 0.8495 0.8417 3 0.9851 0.9706 0.9563 0.9423 0.9286 0.9151 0.9019 0.8890 0.8763 0.8538 0.8516 0.8396 0.8278 0.8163 0.8050 0.7938 0.7829 0.7722 4 0.9802 0.9610 0.9422 0.9238 0.9060 0.8885 0.8714 0.8548 0.8386 0.8227 0.8072 0.7921 0.7773 0.7629 0.7488 0.7350 0.7216 0.7084 5 0.9754 0.9515 0.9283 0.9057 0.8839 0.8626 0.8420 0.8219 0.8025 0.7835 0.7651 0.7473 0.7299 0.7130 0.6966 0.6806 0.6650 0.6499 6 0.9705 0.9420 0.9145 0.8880 0.8623 0.8375 0.8135 0.7903 0.7679 0.74162 0.7252 0.7050 0.6853 0.6663 0.6480 0.6302 0.6129 0.5963 7 0.9657 0.9327 0.9010 0.8706 0.8413 0.8131 0.7860 0.7599 0.7348 0.7107 0.6874 0.6651 0.6435 0.6227 0.6028 0.5835 0.5649 0.5470 89 0.9609 0.9235 0.8877 0.8535 0.8207 0.7894 0.7594 0.7307 0.7032 0.6768 0.6516 0.6274 0.6042 0.5820 0.5607 0.5403 0.5207 0.5019 0.9561 0.9143 0.8746 0.8368 0.8007 0.7664 0.7337 0.7026 0.6729 0.6446 0.6176 0.5919 0.5674 0.5439 0.5216 0.5002 0.4799 0.4604 10 0.9513 0.9053 0.8617 0.8203 0.7812 0.7441 0.7089 0.6756 0.6439 0.6139 0.5854 0.5584 0.5327 0.5083 0.4852 0.4632 0.4423 0.4224 11 0.9466 0.8963 0.8489 0.8043 0.7621 0.7224 0.6849 0.6496 0.6162 0.5847 0.5549 0.5268 0.5002 0.4751 0.4513 0.4289 0.4076 0.3875 12 0.9419 0.8874 0.8364 0.7885 0.7436 0.7014 0.6618 0.6246 0.5897 0.5568 0.5260 0.4970 0.4697 0.4440 0.4199 0.3971 0.3757 0.3555 13 0.9372 0.8787 0.8240 0.7730 0.7254 0.6810 0.6394 0.6006 0.5643 0.5303 0.4986 0.4688 0.4410 0.4150 0.3906 0.3677 0.3463 0.3262 14 0.9326 0.8700 0.8118 0.7579 0.7077 0.6611 0.6178 0.5775 0.5400 0.5051 0.4726 0.4423 0.4141 0.3878 0.3633 0.3405 0.3191 0.2992 15 0.9279 0.8613 0.7999 0.7430 0.6905 0.6419 0.5969 0.5553 0.5167 0.4810 0.4479 0.4173 0.3888 0.3624 0.3380 0.3152 0.2941 0.2745 16 0.9233 0.8528 0.7880 0.7284 0.6736 0.6232 0.5767 0.5339 0.4945 0.4581 0.4246 0.3936 0.3651 0.3387 0.3144 0.2919 0.2711 0.2519 17 0.9187 0.8444 0.7764 0.7142 0.6572 0.6050 0.5572 0.5134 0.4732 0.4363 0.4024 0.3714 0.3428 0.3166 0.2925 0.2703 0.2499 0.2311 18 0.9141 0.8360 0.7649 0.7002 0.6412 0.5874 0.5384 0.4936 0.4528 0.4155 0.3815 0.3503 0.3219 0.2959 0.2720 0.2502 0.2303 0.2120 19 0.9096 0.8277 0.7536 0.6864 0.6255 0.5703 0.5202 0.4746 0.4333 0.3957 0.3616 0.3305 0.3022 0.2765 0.2531 0.2317 0.2122 0.1945 20 0.9051 0.8195 0.7425 0.6730 0.6103 0.5537 0.5026 0.4564 0.4146 0.3769 0.3427 0.3118 0.2838 0.2584 0.2354 0.2145 0.1956 0.1784 21 0.9006 0.8114 0.7315 0.6598 0.5954 0.5375 0.4856 0.4388 0.3968 0.3589 0.3249 0.2942 0.2665 0.2415 0.2190 0.1987 0.1803 0.1637 22 23 23 0.8961 0.8034 0.7207 0.6468 0.5809 0.5219 0.4692 0.4220 0.3797 0.3418 0.3079 0.2775 0.2502 0.2257 0.2037 0.1839 0.1662 0.1502 24 25 0.8916 0.7954 0.7100 0.8872 0.7876 0.6995 0.6217 0.8828 0.7798 0.6892 0.6342 0.5667 0.5067 0.4533 0.4057 0.3634 0.3256 0.2919 0.2618 0.2349 0.2109 0.1895 0.1703 0.1531 0.1378 0.5529 0.4919 0.4380 0.3901 0.3477 0.3101 0.2767 0.2470 0.2206 0.1971 0.1763 0.1577 0.1412 0.1264 0.6095 0.5394 0.4776 0.4231 0.3751 0.3327 0.2953 0.2622 0.2330 0.2071 0.1842 0.1640 0.1460 0.1301 0.1160 26 0.8784 0.7720 0.6790 0.5976 0.5262 0.4637 0.4088 0.3607 0.3184 0.2812 0.2486 0.2198 0.1945 0.1722 0.1525 0.1352 0.1199 0.1064 27 0.8740 0.7644 0.6690 0.5859 0.5134 0.4502 0.3950 0.3468 0.3047 0.2578 0.2356 0.2074 0.1826 0.1609 0.1419 0.1252 0.1105 0.0976 32F Search

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The formula for Present Value is P PVIF r n P is the principal amount at 6400 r ... View the full answer