Calculate, to the Nearest Cent, the Present Value of an Investment

Multiple Choice

Calculate, to the nearest cent, the present value of an investment that will be worth $16,000 after 7 years, at 7.4% compounded quarterly.

A) $P V = \$ 9,546.55$
B) $P V = \$ 15,326.06$
C) $P V = \$ 9,707.11$
D) $P V = \$ 15,337.91$
E) $P V = \$ 9,576.59$