I am a user such as yourself and not a moderator. But, I believe that you have posted in the wrong place. You are in "Premiere Elements FAQ" which is the domain of Steve Grisetti, forum modertor. For user issues, the user posts his/her questions In "Premiere Elements" section. I would suggest that you repost there. As an aside, I suspect that you have a large project with oversized photos and that cutting the project in half will resolve the soundtrack issue. That is just a guess since I do not have your details.
As Tony said, I've moved your question out to the main forum. The FAQs are reserved for reference.
As for your question, it's most likely an ASIO (audio in/out) setting in Premiere Elements.
Go to Edit/Preferences/Audio Hardware and click the ASIO settings. Ensure that the hardware that appears there is configured properly for your speakers and Windows set-up.
Thanks for directing me into the right forum and thanks for the suggested solution which worked perfectly. I had 3 entries in the ASIO list and two of them were unchecked. After checking/selecting them all I got the sound working. Thanks again.
I was glad to learn that SG's suggestion worked to resolve your issue. It was more in line with the expected answer (ASIO settings) to your situation.
My guess was based on a happening in another forum where a user with similar circumstances found he could resolve the issue by cutting the project down size. But, who knows....