Answer:
Explanation:
To calculate the present value of the given investment, we can use the formula for present value of a future sum:
PV = FV / (1 + r/n)^(nt)
where PV is the present value, FV is the future value (the amount of the investment), r is the annual interest rate (6% in this case), n is the number of times the interest is compounded per year (12 for monthly compounding), and t is the time period in years (6 years in this case).
Substituting the given values into the formula, we get:
PV = 35,000 / (1 + 0.06/12)^(12 x 6)
PV = 35,000 / (1.005)^72
PV = 23,009.97
Therefore, the present value of the investment is $23,009.97.