Answer:
Explanation:
The present value formula is:
[tex]Present\text{ }value=\dfrac{Future\text{ }value}{(1+r)^n}[/tex]
Assuming annual compounded interest, r = 9% = 0.09 and n = 68 years.
Substituting and computing:
[tex]Present\text{ }value=\dfrac{\$2,120,000}{(1+0.09)^{68}}=\$6,044.13[/tex]