I do not understand the solution and answer to this question posted here.

https://www.chegg.com/homework-help/questions-and-answers/assuming-discount-rate-8-present-value-50-received-end-year-20-years-formula-50-received-b-q10040617?trackid=8ea154a6b73f&strackid=20d111c8ab58

I thought that Present Value decreases over time, because they want to know in 20 years. What to invest now to get $50 in the future.

I have calculated it like this:

PV = $50/1.08(exponent20)

=$50/4.6610

=$10.7273

Any help is appreciated.