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To answer the problems we need to use only two formulas
Future Value
Present Value
𝐹𝑢𝑡𝑢𝑟𝑒 𝑉𝑎𝑙𝑢𝑒 = 𝑃𝑟𝑒𝑠𝑒𝑛𝑡 𝑣𝑎𝑙𝑢𝑒 ∗ (1 + 𝑟𝑎𝑡𝑒)𝑛𝑝𝑒𝑟
𝑃𝑟𝑒𝑠𝑒𝑛𝑡 𝑉𝑎𝑙𝑢𝑒 =
𝐹𝑢𝑡𝑢𝑟𝑒 𝑉𝑎𝑙𝑢𝑒
(1 + 𝑟𝑎𝑡𝑒)𝑛𝑝𝑒𝑟
With the formulas you only need to replace the variables with the values and make the
calculations
1. Billy wants to buy a car in 4 years. He will need a down payment of $5,000. He can
get an interest of 6% at his bank. How much money will he have to...
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