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Question
Using the following table, determine the present value of $15,000 to be received in 10 years, if the market rate is 5% compounded annually.
| Periods | 5% | 6% | 7% | 10% |
| 1 | 0.95238 | 0.94340 | 0.93458 | 0.90909 |
| 2 | 0.90703 | 0.89000 | 0.87344 | 0.82645 |
| 3 | 0.86384 | 0.83962 | 0.81630 | 0.75131 |
| 4 | 0.82270 | 0.79209 | 0.76290 | 0.68301 |
| 5 | 0.78353 | 0.74726 | 0.71299 | 0.62092 |
| 6 | 0.74622 | 0.70496 | 0.66634 | 0.56447 |
| 7 | 0.71068 | 0.66506 | 0.62275 | 0.51316 |
| 8 | 0.67684 | 0.62741 | 0.58201 | 0.46651 |
| 9 | 0.64461 | 0.59190 | 0.54393 | 0.42410 |
| 10 | 0.61391 | 0.55839 | 0.50835 | 0.38554 |
Answer
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