Answer:
$13,980.88
Explanation:
For computing the deposit today we need to apply the present value formula i.e to be shown in the attachment below:
Given that,
Future value = $21,500
Rate of interest = 0.092%
NPER = 9 years × 52 weeks = 468 weeks
PMT = 0
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after applying the above formula, the amount of deposit for today is $13,980.88
