Complete the following using present value. (Use the Table 12.3 provided.)
Note: Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4
decimal places and final answer to the nearest cent.
On PV Table 12.3
Amount
desired at
Length
of time
Rate
Compounded
Period
PV factor used
Rate used
end of period
used
$
10,100
3 years
18%
Monthly
36
1.5 %
0.5851
PV of amount
desired at
end of period