Answer
$\$ 554.09$
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:
$A = \$ 600, r=0.04, t = 2$
$\text{Compounded quarterly} \to n = 4$
Thus, using the given values and the formula above gives:
$P=600\left(1+\dfrac{0.04}{4} \right)^{-4 \times 2}$
$P \approx \$ 554.09$
