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Determine the present value of $310,000 to be received in three years, using an interest rate of 5.5%, compounded annually. Use the present value table

image text in transcribedDetermine the present value of $310,000 to be received in three years, using an interest rate of 5.5%, compounded annually. Use the present value table in Exhibit 8. Round to the nearest whole dollar.

EXHIBIT 8 Present Value of $1 at Compound Interest Periods 4% 62% 0.96154 0.956940 0.95238 0.94787 0.94340 0.938970.93458 0.90909 0.90090 0.89286 0.88496 0.92456 0.915730 0.90703 089845 0.89000 0.88166 0.87344 0.82645 0.81162 0.79719 0.78315 0.88900 0.876300 0.86384 0.85161 0.83962 0.82785 0.81630 0.75131 0.73119 0.71178 0.69305 0.85480 0.838560 0.82270 0.80722 0.79209 0.77732 0.76290 0.68301 0.65873 063552 0.61332 0.82193 0.802450 0.78353 076513 0.74726 0.72988 0.71299 0.62092 0.59345 0.56743 0.54276 0.79031 0.767900 0.74622 0.72525 0.70496 0.68533 0.66634 0.56447 0.534640.50663 0.48032 0.75992 0.734830 0.71068 0.68744 0.66506 0.64351 0.62275 0.51316 0.48166 0.45235 0.42506 0.73069 0.703190 0.67684 0.65160 0.62741 0.60423 0.58201 0.46651 0.43393 0.40388 0.37616 0.70259 0.672900 0.64461 0.61 763 0.59190 0.56735 0.54393 0.42410 0.39092 0.36061 0.33288 0.67556 0.643930 0.61391 0.58543 0.55839 0.53273 0.50835 0.38554 0.35218 0.32197 0.29459 5% 5 % 6% 7% 10% 11% 12% 13% 6 7 8 9 10

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