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Rob purchased picnic food for $33.20 to share along with three of his friends. They plan to split the cost evenly among the four friends. How much does every person required to pay Rob?
You must divide the cost of the food by 4 to split the cost evenly between the four friends; $33.20 ÷ 4 = $8.30. If you chose d, you divided by 3, and that does not take within account Rob's part of the bill.
1. What is the present value of a security that will pay $15,000 in 15 years if securities of equal risk pay 8.9% annually? Round your answer to the nearest cent. 475,858.20
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((1-x)/(1+x))^0.5
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