Answer:
$23,088.62
Step-by-step explanation:
We must determine the present value of Liam's investment discounted by his opportunity cost rate. The present value formula is:
PV = FV / (1 + r)ⁿ
PV = $52,000 / (1 + 7%)¹² = $52,000 / 2.2522
PV = $23,088.62