Richard retired recently and is receiving $400 per month from an investment at a rate of 7% for 20 years.Which of the following functions can he use to calculate the current value of the investment?

A) PMT
B) NPER
C) PV
D) RATE

PV stands for present value, which is the current value of an investment. In this scenario, Richard is receiving $400 per month from an investment that has been accruing for 20 years at a rate of 7%. To calculate the current value of the investment, we need to use the present value formula, which is PV = PMT x ((1 - (1 + r/n)^(-nt)) / (r/n)), where PV is the present value, PMT is the monthly payment, r is the rate of interest (in decimal form), n is the number of times the interest is compounded per year, and t is the total number of periods (in months). We know that PMT is $400, r is 7% or 0.07, n is 12 (since there are 12 months in a year), and t is 20 years x 12 months per year = 240 months. Using the formula and solving for PV, we get PV = $59,073. Therefore, the best choice is C.