Answer:
Results are below.
Explanation:
Giving the following information:
Future value= $3,000
Number of periods= 15 years
I will assume an interest rate of 8% compounded annually.
To calculate the present value (PV), we need to use the following formula:
PV= FV/(1+i)^n
PV= 3,000/1.08^15
PV= $945.73
