Answer:
$255,093.64
Step-by-step explanation:
Calculation to determine the present value of $1 million today
Using Financial calculator
PV = PV (rate, nper, pmt, fv, type)
Where,
FV = $1,000,000
Annual Interest rate = 5%
Number of periods = 28
Let plug in the formula
PV = PV (5%, 28, 0, -1000000, 0)
PV= $255093.64
Therefore the Present value of $1 million today is $255,093.64