If the interest rate is 7%, $500 received at the end of 9 years is worth how much today?
Note
If the interest rate is 7%, $500 received at the end of 9 years is worth how much today 500/(1 +.07)9.
If the interest rate is 7%, $500 received at the end of 9 years is worth how much today 500/(1 +.07)9.