Just wondering if someone could help me with working this question out, I have tried but I'm really stuck!

Amount in future = £80,000.
Number of years = 23.
Rate of interest per year = 7%.

Calculate the present value.

If anyone could help, I'd be hugely grateful!

The PV of a single future amount is found via the formula



... where P, F, r, and n are, respectively: The present value; the future amount; the interest rate per period (one year, in your case); and the number of periods (years) into the future at which F occurs.