The future value of an investment is $30220.62 dollars. If it is invested at 1.1% simple interest for 7 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 $LaTeX: \displaystyle PV = \frac{30220.62}{1 + (0.011)(7)} = 28060.00$ .