Question:

The amount a person would have to deposit today (present value) at a 6 percent interest rate to have $1,000 five years from now.

hi everyone so I need help with this question up there for business. what is the formula or the solution for this?

at first I thought it was PV=FV (1+ Interest rate)x N (Number of time period)

so my initial thought was $1,000(1+6%)5 , but I was wrong on the solution did I make a mistake?