Answer
$\$ 860.72$
Work Step by Step
Recall"
Present Value Formula
$$P=A \left(1+\dfrac{r}{n} \right)^{-n t}$$
where
$A:$ Amount to be recieved after $t$ years
$P:$ Present value
$r:$ Annual interest rate
$n:$ Number of compoundings per year
$t:$ Number of years
The given problem has:
$A = \$ 1000, r=0.06, t = 2.5$
$\text{Compounded daily} \to n = 365$
Thus, using the givne values and the formula above gives:
$P=1000\left(1+\dfrac{0.06}{365} \right)^{-365 \times 2.5}$
$P \approx \$ 860.72$
