Find the present value (the amount that should be invested now to accumulate the following amount) if the money is compounded as indicated. $10,923.54 at 3.8% compounded annually for 8 years The present value is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

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Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.