How much must be deposited today into the following account in order to have a $130,000 college fund in 16 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.8% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

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Q: Find the principal to get $1000 after 2 years at 6% compounded quarterly?  Round to nearest cent.

A: It is given that, the amount after 2 years is A = $1000, n = 4 since compounded quarterly, r = 0.06.…