The Present Value of a Sum of Money Is the Amount

Multiple Choice

The present value of a sum of money is the amount that must be invested now, at a given rate of interest, to produce the desired sum at a later date.Find the present value of $1,000 if interest is paid at
A rate of 7% per year, compounded semiannually, for 9 years.

A) $7.23
B) $452.80
C) $299.25
D) $538.36
E) $543.93