You expect to receive $10,000 as a bonus after 3 years on the job. You have determined that you need the money now, so you pledge your future bonus to a cash loan broker today; he gives you a rate of 7.72%. How much money is he going to lend you today? (enter as a positive number; round to the nearest whole dollar and no dollar sign please)

Answer rating: 100% (QA)

Assuming annual compounding we can use the present value formula to calculate th... View the full answer