Answer:
$6,073.853
Explanation:
For computing the amount invested now we need to determine the present value by applying the present value formula i.e. to be shown in the attachment
Provided that
Future value = $8,000
Rate of interest = 4.6% ÷ 12 months = 0.3833%
NPER = 6 years × 12 months = 72 months
PMT = $0
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after applying the above formula, the present value is $6,073.853
