What is the present value of a security that will pay $34,000 in 20 years if securities of equal risk pay 8% annually? Round your answer to the nearest cent.

present value = $7296.14

Explanation:

given data

future value =  $34,000

time t = 20 year

rate r = 8% = 0.08

solution

we apply here future value formula for get present value that is

future value = present value ×    .....................1

put her value and we get

$34,000 = present value ×  

present value =

present value =

present value = $7296.14

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i just took the test and it is financing