Phil Goode will receive $113,000 in 20 years. His friends are very jealous of him.

If the funds are discounted back at a rate of 13 percent, what is the present value of his future pot of gold? Use Appendix B for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Present value

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