The future value of an investment is $46146.40 dollars. If it is invested at 3.0% simple interest for 16 years, what is the present value?

Using $LaTeX: \displaystyle FV = PV(1+r \cdot t) \iff PV = \frac{FV}{1+rt}$ . Evaluating the formula gives $LaTeX: \displaystyle PV = \frac{46146.4}{1 + (0.030)(16)} = 31180.00$ .