The present value of $1,000,000 received in 13 years, given an interest rate of 3%, is
A) $681,000.
B) $661,000.
C) $1,469,000.
D) $10,635,000.
A
Explanation: A) Present value @ 3% for 13 yrs = 0.681 × 1,000,000 = $681,000
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