Question: I need help with this question. Is there a formula that goes with it? The local home improvement store has a washing machine on sale

I need help with this question. Is there a formula that goes with it?

The local home improvement store has a washing machine on sale for $956, with the payment due in 1 year(s) from today. The store is willing to discount the price at an annual rate of 3 percent (compounded annually) if you pay today. What is the amount if the washing machine is paid for today? Please assist.

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