Answer:
$7,359.65
Step-by-step explanation:
The computation of the amount that to be deposited is shown below:
Here we have to calculate the present value
As we know that
Present value = future value ÷(1+ rate of interest)^years
where,
rate of interest = 12.2% ÷ 4 = 3.05%
And, the years is = 5 × 4 = 20
Now the present value is
= $13,422 ÷ (1+ 3.05%)^20
= $7,359.65
