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Formula: PV = FV / (1+i)^n
PV is Present Value
FV is Future Value
i is Interest
n is number of years
You will need a Scientific calculator using the big X to exponent Y button.
Here is the order of operations:
1. 1 + the interest rate is 1.05
2. 1.05 to the 15th power
3. divide $3,567,00 by that number
But with the scientific calculator, do the formula: $3,567,000 / (1.05)^16
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