Math Problem Statement
Find the present value PV of the given investment (in dollars). (Round your answer to the nearest cent.) An investment earns 5% per year and is worth $4,000 after 7 months. PV = $
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Present Value
Exponential Decay
Formulas
PV = FV / (1 + r)^t
Theorems
Present Value Theorem
Suitable Grade Level
College/Advanced High School
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