Solved: Jake wants to invest money into his retirement 403b he, Basic Statistics

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Jake wants to invest money into his retirement 403b he

Present Value of Lump Sum

Question: Jake wants to invest money into his retirement (403b). He wants to have $30,000 in his 403b in two years. How much should he invest assuming he demands a 4% return (yield) on his money?

Solution- PV= FV/(1+i)^N

PV= 15,000(1/1.04²)

PV=15,000(1/1.0816)

PV=13,868

Is my calculation correct? Please explain

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