The state would like to renovate bridges in your state.The leaders of the state are developing a capital budget for the bridge renovations.The bridge repairs will begin in eight years.The leaders determine that repairing XYZ bridges will cost $25,000,000.The discount rate is 5%.The period is eight years.How much should the state leader raise in municipal bonds to finance the bridge renovations?

Future Value = $25,000,000

Rate = 5%

n = 8

What is the present value?

Please answer with explanation