Answer
$\$ 27,272.73$
Work Step by Step
The future value of an investment of
$PV=?$ dollars
at an annual simple interest rate of
$r =6\displaystyle \%=\frac{6}{100}=0.06$
for a period of
$t =$ ($20$ months)$\displaystyle \cdot\frac{1\ year}{12\ months}=\frac{20}{12}$ years $=\displaystyle \frac{5}{3}$ years
is
$FV=30,000$
Formula:
$ FV=PV(1+rt)\quad$,solve for $PV$
... divide with $(1+rt)$
$ PV=\displaystyle \frac{FV}{1+rt}=\frac{30,000}{1+0.06\cdot\frac{5}{3}}\approx$27272.7272727
$\$ 27,272.73$
