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#
Question:

What is the present value of $8,000 received three years from the present using a 7 percent interest rate? Assume all answer choices are rounded to the nearest whole dollar.

A
$6,530

Explaination

The formula for present value is PV = FV / (1 + i)n. Plugging in the information from the question, the formula becomes $8,000 / (1 + .07)3 = $6,530.

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