Calculate answers to the following using future value and/or present value tables: a. What is the present value of receiving $1,000 at the end of each year for 6 years, assuming 7 percent interest compounded annually? b. What amount must be deposited at the bank today to grow to $300 in five years, assuming 14 percent interest compounded semiannually?
a. $4,767.00 [($1,000 x 4.767 (PV of O.A.)]
b. $152.40 [($300 x .508 (PV of $1 @ n = 10, i = 7%)]
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