Answer:
$84,121.21
Explanation:
For computing the value, first we have to determine the PMT which is shown below:
= Payment ÷ interest rate
= $6,400 ÷ 5.3%
= $120,754.7170
Now the value at year 7 would be
= PMT ÷ (1 + interest rate)^number of years
= $120,754.7170 ÷ (1 + 5.3%)^7
= $120,754.7170 ÷ 1.4354848003
= $84,121.21
So, the value at date is $84,121.21
