Jim Roznowski wants to invest some money now to buy a new tractor in the future. If he wants to have $350 comma 000 available in 6 years, how much does he need to invest now in a CD paying 4.35% interest compounded monthly?

$269,725.58

Explanation:

The computation of the invested now amount i.e present value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

where,

Future value is $350,000

Interest rate = 4.35% ÷ 12 months = 0.3625%

Number of years = 6 × 12 months = 72 months

So, the present value is

$350,000 = Present value × (1 + 0.3625%)^72

$350,000 = Present value × 1.2976151473

So, the present value is $269,725.58

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know