Compute the present value of an $1,500 payment made in nine years when the discount rate is 11 percent. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
PRESENT VALUE = FUTURE VALUE X PVIF@11%, 9 YEARS
PRESENT VALUE = 1500 X PVIF@11%, 9 YEARS = 1500 X 1/(1+r)n
PRESENT VALUE = 1500 X (1/(1+0.11)9) = 1500 X 1/2.55803692 = 586.39
ANSWER : $586.39 (THUMBS UP PLEASE)
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