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Learning Objectives

■ Explain the concept of the time value of money; and describe compounding, discounting, present value, and future value.

■ Express present value and future value in an equation, and calculate each when given a fact pattern or problem to solve.

■ Discuss frequency of compounding and explain the annual percentage rate (APR).

■ Solve problems converting and comparing interest rates based on monthly, quarterly, semiannual, and annual interest payments.