Question 1, 6.7.19 HW Score: $0 \%, 0$ of 5 points Points: 0 of 1 ind the principal needed now to get the given amount; that is, find the present value. o get $\$ 800$ after 4 years at $11 \%$ compounded quarterly The present value of $\$ 800$ is $\$ \square$. (Round to the nearest cent as needed.)

Step 1 ：Define the given variables: the future value (FV) is $800, the annual interest rate (r) is 11%, the number of times interest is compounded per year (n) is 4, and the time in years (t) is 4.

Step 2 ：Use the formula for present value (PV) to calculate the amount needed to invest now. The formula is \(PV = \frac{FV}{(1 + \frac{r}{n})^{n*t}}\).

Step 3 ：Substitute the given values into the formula: \(PV = \frac{800}{(1 + \frac{0.11}{4})^{4*4}}\).

Step 4 ：Calculate the present value (PV) to get approximately 518.2993906144319.

Step 5 ：Round the present value to the nearest cent to get $518.30.

Step 6 ：Final Answer: The present value of $800 is \(\boxed{\$518.30}\).