Your rich aunt gives you a high school graduation present of $120,000. Her present is in...

Transcribed Image Text:

Your rich aunt gives you a high school graduation present of $120,000. Her present is in the form of a 14-year bond with an annual interest rate of 7.4% (compounded annually). The bond says that it will be worth $120,000 in 14 years. What is this gift worth at the present time? (Round your answer to the nearest cent.) $ Additional Materials Your rich aunt gives you a high school graduation present of $120,000. Her present is in the form of a 14-year bond with an annual interest rate of 7.4% (compounded annually). The bond says that it will be worth $120,000 in 14 years. What is this gift worth at the present time? (Round your answer to the nearest cent.) $ Additional Materials