The present value of investment giving returns of $7000 at the end of 15 years will be $2920.86
The present value refers to as the current value of a certain future return at a determined interest for a particular period of time. Using the above information, it can be calculated as,
[tex]\rm Present Value = FV\ x\ \dfrac{1}{(1+rate)^n}\\\\\\\rm Present Value =7000\ x\ \dfrac{1}{(1+0.06)^1^5}\\\\\rm Present Value =\$2920.86[/tex]
Hence, the present value is as calculated above.
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