how much would you need to deposit in an account now in order to have $9,000 in the account in 16 years…

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula for present value is $PV=\frac{FV}{(1 + r)^n}$, where $PV$ is the present value (the amount to deposit now), $FV$ is the future value, $r$ is the annual interest rate as a decimal, and $n$ is the number of years.

Step2: Convert the interest rate and assign values

The annual interest rate $r = 7%=0.07$, the future value $FV = 9000$, and the number of years $n = 16$.

Step3: Substitute values into the formula

$PV=\frac{9000}{(1 + 0.07)^{16}}$. First, calculate $(1 + 0.07)^{16}$. Using the formula $a^n$, we have $(1.07)^{16}\approx2.9521637$. Then, $PV=\frac{9000}{2.9521637}\approx3048.59$.

Answer:

$3048.59$