Present and future value tables of $1 at 3% are presented below:

N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1

1 1.03000 0.97087 1.0000 0.97087 1.0300 1.00000

2 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087

3 1.09273 0.91514 3.0909 2.82861 3.1836 2.91347

4 1.12551 0.88849 4.1836 3.71710 4.3091 3.82861

5 1.15927 0.86261 5.3091 4.57971 5.4684 4.71710

6 1.19405 0.83748 6.4684 5.41719 6.6625 5.57971

7 1.22987 0.81309 7.6625 6.23028 7.8923 6.41719

8 1.26677 0.78941 8.8923 7.01969 9.1591 7.23028

9 1.30477 0.76642 10.1591 7.78611 10.4639 8.01969

10 1.34392 0.74409 11.4639 8.53020 11.8078 8.78611

11 1.38423 0.72242 12.8078 9.25262 13.1920 9.53020

12 1.42576 0.70138 14.1920 9.95400 14.6178 10.25262

13 1.46853 0.68095 15.6178 10.63496 16.0863 10.95400

14 1.51259 0.66112 17.0863 11.29607 17.5989 11.63496

15 1.55797 0.64186 18.5989 11.93794 19.1569 12.29607

16 1.60471 0.62317 20.1569 12.56110 20.7616 12.93794

Bill wants to give Maria a $570,000 gift in 4 years. If money is worth 6% compounded semiannually, what is Maria's gift worth today?

Multiple Choice

• $451,489.
• $448,569.
• $449,964.
• $567,250.