To calculate the present value of the terminal value, we need to discount it back to the present using the discount rate of 9% as given in the problem.

The terminal value is given as $3,804.86. To calculate the present value, we use the formula:

Present Value = Terminal Value / (1 + Discount Rate)^n

Where n is the number of years in the future. In this case, the terminal value is in the terminal year, which is year 5. So, n = 5.

Plugging in the values, we get:

Present Value = $3,804.86 / (1 + 0.09)^5 = $3,804.86 / (1.09)^5 = $3,804.86 / 1.5386 = $2,467.08

Therefore, the present value of the terminal value is $2,567.08.