Final answer:
The present value of $1000 to be received in three years at an interest rate of 15% is approximately $652.68.
Step-by-step explanation:
The present value of $1000 to be received in three years can be calculated using the present value formula:
Present Value = Future Value / (1 + Interest Rate)^Number of Years
Substituting the given values:
Present Value = $1000 / (1 + 0.15)^3
Calculating:
Present Value = $1000 / (1.15)^3
Present Value ≈ $652.68
Therefore, the present value of $1000 to be received in three years at an interest rate of 15% is approximately $652.68.