Knowledge Check

You need cash of $$6,500$ to be received each year for $5$ years beginning one year from now to attend college. Your discount rate is $6\%$ compounded annually. Indicate the inputs to be entered into the financial calculator keys. What is the present value of the amounts to be received? $($Round present value answer to two decimal places $($e$.$g$.,52\mathrm{.}75).)$

Inputs $$

$?$ N$/$A

Calculator Keys

N

I

PV

PMT

FV

Present value

$