Answer: $1,986.14
Explanation: in order to calculate this, we will use the discounting formula and calculate the present value (PV) of the money.
PV = C/(1 + r)^n
Where:
PV = Present Value = ?
C = value of money in the future = $8,600
r = interest rate = 9% or 0.09
n = number of years = 17
PV = 8,600/(1 + 0.09)^17
PV = 8,600/(1.09)^17
PV = 8,600/4.33
PV = 1,986.14
Therefore the present value is $1,986.14
