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6%/12%Your grandmother is giving you $100 a month for four years while you attend college to earn your bachelor's degree. At a 6.0 percent discount rate, what are these payments worth to you on the day you enter college

Respuesta :

Answer:

The answer is "[tex]0.39010989[/tex]"

Explanation:

[tex]PMT= 100\\\\n= 4 \times 12 =48 \\\\r= \frac{6.0}{12}= 0.005[/tex]

PV =?

[tex]PV= PMT\times \frac{(1-\frac{1}{1+r^n})}{r}[/tex]

      [tex]=100 \times \frac{(1-\frac{1}{1+0.005^{48}})}{0.005}\\\\=100 \times \frac{(1-\frac{1}{1+3.55})}{0.005}\\\\=100 \times \frac{(1-\frac{1}{4.55})}{0.005}\\\\=100 \times \frac{(\frac{4.55 -1}{4.55})}{0.005}\\\\=100 \times \frac{(\frac{3.55}{4.55})}{0.005}\\\\=100 \times 0.0039010989\\\\=0.39010989[/tex]