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Hi, What am I doing with the 20 in this problem. Is it being divided, multiplied, or added. I cant figure out how they got the 3.8697 PV = FV / (1+r)…

Hi,

What am I doing with the 20 in this problem. Is it being divided, multiplied, or added. I cant figure out how they got the 3.8697

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PV = FV / (1+r) t

PV = $5,000 / (1+0.07) 20

PV = 5,000 / (1.07) 20

PV = 5,000 / 3.8697

PV = $1292.09

 

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