Problem $5-5$ Calculating Present Value $[$LO$5-4]$

Brenda Young desires to have $$15,000$ eight years from now for her daughter's college fund. If she will earn $8$ percent $($compounded annually$)$ on her money, what amount should she deposit now? $($Exhibit $1-$A$,$ Exhibit $1-$B$,$ Exhibit $1-$C$,$ Exhibit $1-$D$)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round time value factor to $3$ decimal places and final answer to nearest whole number.

Amount to be deposited

Prev

$3$ of $20$

Next

MacBook Air

A S

$$

F$3$

$Q$

$F4$

$0$

$F5$

F$6$

$44$

grad$11$

$F8$

&

@

#

$

$4$

$6$

$7$

$8$

$9$

$0$

Q

w

E

T

Y

U

$1$

G

H

J

K

L

z

C

V

B

N

M

$1$

$$

$$

command

option

command