Question 1175644
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The wording of the problem is confusing.<br>
"Find the present value..." suggests that the ₱1,500 is the FUTURE VALUE after 3 years at 4% interest, and you are to find the PRESENT value that will produce that future value.<br>
But "after 3 years at 4% interest" suggests that ₱1,500 is the PRESENT value, and you are supposed to find the FUTURE value.<br>
The interest rate is 4% = 0.04; the annual growth factor is 1+0.04 = 1.04.  The growth factor for 3 years at 4% interest is (1.04)^3.<br>
(1) If the ₱1,500 is the initial amount and you want to find the FUTURE value, then<br>
{{{FV = 1500(1.04)^3}}}<br>
(2) If the ₱1,500 is the FUTURE value and you want to find the PRESENT value, then<br>
{{{1500 = PV(1.04)^3}}}<br>