Asked by Poppin galaxy on Jun 02, 2024
Verified
What payment, 174 days from now, is equivalent to $5230 paid today? Assume that money is worth 5.25% per annum.
Equivalent
Equal in value, amount, function, meaning, or the like.
Per Annum
An annual occurrence or rate, indicating something that happens or is calculated over the course of a year.
- Compute equal payments and comprehend the importance of time value of money in making financial choices.
Verified Answer
ZK
Learning Objectives
- Compute equal payments and comprehend the importance of time value of money in making financial choices.