Saving for the Future

What initial amount should a tutor put into an investment with a 7% effective annual rate to have a future worth of $15,000 in 5 years?

Hint
The question is asking for the present value/worth, $$P$$ , given the future worth, $$F$$ .
Hint 2
Single Payment Present Worth:
$$$P=F(1+i)^{-n}$$$
where $$i$$ is the interest rate per interest period, and $$n$$ is the number of compounding periods.
The question is asking for the present value/worth (initial principal balance), $$P$$ , given the future worth, $$F$$ . Single Payment Present Worth:
$$$P=F(1+i)^{-n}$$$
where $$i$$ is the interest rate per interest period, and $$n$$ is the number of compounding periods.
$$$P=\$15,000(1+0.07)^{-5}=\$10,694.79$$$
The tutor should put in $10,694.79 as an initial investment.
$10,694.79