B. Brenda Young desires to have $8,000 eight years from now for her daughter’s college fund. If she will earn 7 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation.

$4, 656. 10

Explanation:

To get the amount that Brenda needs to invest, we use a re-arranged formula for calculating future values

PV =     FV

             (1+r)n

Pv = present value

FV= 8000

r =7 percent or 0.07

n=8

PV = $8000

       (1+0.07)8

PV=$8000/1.7181861

PV = $4,656.07

Brenda must deposit $4, 656.1

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