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Step 1 :

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Present value formula :

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$\"\"$ .

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Step 2 :

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The amount is $\"\"$

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The rate of interest is $\"\"$ .

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The time period is $\"\"$ years.

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The interest compounded monthly, thus $\"\"$

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Substitute these values in above equation.

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$\"\"$

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The present value $\"\"$

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Solution :

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The present value $\"\"$