Using provided data, solve for present value. When calculating 1/(1+I/Y)^N, round your answer to four decimal places. Use your rounded answer to calculate PV; enter PV rounded to the nearest dollar. When entering (1+I/Y) into the formula, be sure to solve for (1+I/Y) and then enter the result rounded to two decimal places.

Facts
PV:
FV:	$140,000
Annual Interest Rate:	12%
I/Y:	1%
n: (Number of years)	5
N: (Number of compounding periods)	60
Compounded (Y):	Monthly

Formula Method
PV	=	FV	X	1/	(1+I/Y)	^N
	=		X	1/
	=		X
	=