Answer:
PV= $7,528
Explanation:
Giving the following information:
Future value= $15,000
Number of periods= 8 years
Interest rate= 9% compounded annually
To calculate the present value, we need to use the following formula:
PV= FV/(1+i)^n
PV= 15,000/(1.09^8)
PV= $7,528
