Finance problem of the day

Challenge of the day #2A new one every day at midnight UTC

Today's problem

You will receive 18500 in 11 months. At 1.4 per cent a month, what is that worth today?

Type your answer with two decimals. Within one per cent counts as close, and the arrow points from your answer to the right one.

Your answerHow close

Yesterday's answer16162.36

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How does the finance problem of the day work?

Everyone gets the same problem today, and it changes at midnight UTC. Read the statement, do the maths, and type the amount you got. You have eight tries, and each one tells you whether the right answer is higher or lower than yours.

The answer is not in the page. Only the statement is, because you need it to solve the problem; the result is kept on the server and checked there.

How close does my answer have to be?

Within one per cent of the right value counts as close, and the exact value to the cent counts as exact. One per cent of the answer itself, not a fixed amount: being ten off is nothing on sixty thousand and is a wrong answer on six hundred.

Which formulas does it use?

Three, and they are the ones every finance course starts with: the compound amount, the present value of a future amount, and the fixed instalment of a loan paid in equal payments. The statement says which one is being asked.

Can I use a calculator?

Yes. This is a problem to solve, not a memory test. The site has calculators for all three formulas, and using them is the point of having them.

Does sharing my result spoil the answer?

No. The shared square carries only the colours of each try, never the numbers you typed and never the arrows, because an arrow tells the reader whether the answer is above or below your try.