Klyancey, this is the solution:
Let's recall the formula for calculatin the Present Value:
PV = A * (1/1 + r*t)
Replacing by the values we know:
PV = 16,000 * (1/1 + 0.03 * 4)
PV = 16,000/1.012
PV = $ 14, 285.71 (Rounding to the nearest cent)
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