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How do you calculate the present value for the following scenario: $5500 in 7 yrs at 3.5% compounded semi-ann?

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Just in case I misspelled it, here's the situation:

Calculate the present value of $5500.00 in 7 years at 3.5%, compounded semi-annually.

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  1. If $p is the present value:

    p(1 + 0.035 / 2)^14 = 5500

    p = 5500 / (1 + 0.035 / 2)^14

    = $4314.00.

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