Respuesta :

Answer:

The amount that must be deposited is $ 19973.87.

Step-by-step explanation:

We have a relation between future value present value as:

                                       F= P [tex](1 +\frac{r}{n} )^{nt}[/tex]

F=future value

P=present value

r=rate (as a decimal)

n=number of compounding periods per year

t=number of years

Now,

               assume rate as 8%

                                       35000= P [tex](1+\frac{0.08}{12} )^{12*7}[/tex]

                                or,   35000= P × [tex]1.0067^{84}[/tex]

                                      or, P = [tex]\frac{35000}{1.7522}[/tex]

                                     or, P = $ 19973.87

So you must deposit $ 19973.87 today.

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