Find the present value of $45,000 if the interest rate is 3.5% compounded monthly for 3 years.

The formula to use here is A=P(1+r/n)^(nt) A is the current value, p is the principal or starting amount, r is the interest rate, n is how many times per year compounded, and t is the time Plug your values in. A=45000(1+.035/12)^(12*3) => A=45000(1.029166667)^36 Final answer: About $126,677 at present. Hope I could help :)

Answered by FirstSineOfMadness | 2024-06-10

45,000 3.5% would give you 1,575 36= 56,700

Answered by omarlopez1943 | 2024-06-10

To find the present value of $45,000 with a 3.5% interest rate compounded monthly for 3 years, we rearranged the compound interest formula. The present value is approximately $40,502.91. This calculation shows how future sums relate to their present values based on interest rates and time periods.
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Answered by FirstSineOfMadness | 2025-02-17