Math Problem Statement
Find the present value PV of the given investment (in dollars). (Round your answer to the nearest cent.)
An investment earns 8% per year and is worth $6,000 after 8 months.
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Exponential Growth
Time Value of Money
Formulas
PV = FV / (1 + r)^t
Theorems
Present Value Formula
Suitable Grade Level
Grades 11-12 or College Level
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