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if 9000 is due in 8.5 years at 8% compounded quarterly, then what is the present value?

I'm using the formula P=S(1+r)n and got the answer 7605.73 which I was told is wrong. Please help.

Guest May 1, 2017
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This is the formula you should use to calculate Present Value:

PV = FV / [1 + R]^N

PV = 9,000 / [1 + 0.08/4]^(8.5*4)

PV = 9,000 / [1.02]^34

PV = 9,000 / 1.960676.....

PV = $4,590.25

Guest May 1, 2017

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